The McClellan Oscillator developed by Marian McClellan is a useful breadth indicator because it describes the acceleration that takes place in the breadth numbers. How to read McClellan Oscillator
A positive or negative value gives a simplistic bullish or bearish statement about the short-term trend of the market
Very low readings show oversold conditions
Very high readings show overbought conditions
Divergences are also important to look for as a sign that the strength of a trend is waning
Here same oscillator is rebuilded for BANKNIFTY using the difference between Capital weighted Up Volume and Down Volume instead of Advance - Decline.
Nota Keluaran
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Updated default weights of banks as of 31st Dec'21
Thank You Bhai, for such a wonder full indicator, bhai one more request can you change the histogram colour to green above " 0 ".
And red when it is below " 0 ", that will be visually more distinct.
And red when it is below " 0 ", that will be visually more distinct.