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Random article: McClellan Indicator
McClellan Oscillator is an indicator of technical analysis characterizing market dispersion (its width) by analyzing the number of growing and declining instruments in the period. One of the most popular indicators of that type. McClellan Summation Index is formed on the basis of McClellan Oscillator and this index is a separate market technical indicator. Sherman and Marian McClellan designed an oscillator and Summation Index of McClellan in 1969. In their book “ Patterns for Profit” authors described principles of interpretation of those indicators.
In measurement formula for Joe Granville indicator, close prices compared with the purpose of adding or deducting of volume, whereas Williams' indicator open and close prices are compared. Marc Chaikin compares close prices with the middle of range from minimum to maximum. The history of indicator is interesting on its own. In Larry Williams formula, Chaikin substituted open price for price of range. The reason of change was not that he considered it wrong, but that he was not able to find data on prices of opening. That time prices were taken from daily papers, which, due to some reason, stopped publishing prices of opening.
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