McClellan Oscillator

[kenorb]

McClellan Oscillator: This indicator uses the difference between two exponential moving averages to assess the breadth of market participation. It has values that typically range between -100 and +100.

#property indicator_separate_window

// Input parameters
input int fastEMAPeriod = 19; // Period for the fast EMA
input int slowEMAPeriod = 39; // Period for the slow EMA

// Indicator buffers
double McClellanBuffer[];

//+------------------------------------------------------------------+
//| Custom indicator initialization function                         |
//+------------------------------------------------------------------+
int OnInit()
{
   // Indicator label
   IndicatorShortName("McClellan Oscillator");

   // Set up indicator buffers
   SetIndexBuffer(0, McClellanBuffer);

   return(INIT_SUCCEEDED);
}
//+------------------------------------------------------------------+
//| Custom indicator iteration function                              |
//+------------------------------------------------------------------+
int OnCalculate(const int rates_total,
                const int prev_calculated,
                const datetime &time[],
                const double &open[],
                const double &high[],
                const double &low[],
                const double &close[],
                const long &tick_volume[],
                const long &volume[],
                const int &spread[])
{
   int beginIndex = MathMax(fastEMAPeriod, slowEMAPeriod) - 1;

   // Calculate the fast and slow EMAs
   ArraySetAsSeries(McClellanBuffer, false);
   double fastEMA = iMA(NULL, 0, fastEMAPeriod, 0, MODE_EMA, PRICE_CLOSE, beginIndex);
   double slowEMA = iMA(NULL, 0, slowEMAPeriod, 0, MODE_EMA, PRICE_CLOSE, beginIndex);

   // Calculate the McClellan Oscillator value
   double mcclellanOscillator = fastEMA - slowEMA;

   // Fill indicator buffer
   if (rates_total > beginIndex)
   {
       for (int i = 0; i < rates_total - beginIndex; i++)
           McClellanBuffer[i] = mcclellanOscillator;
   }

   return(rates_total);
}