McClellan Summation Index

McClellan Summation Index is a cumulative sum of the McClellan oscillator. It is thought that the McClellan summation index also gives trading signals when moving into the area of positive/negative values: moving into an area above zero is a bullish signal, while moving into an area below zero is a bearish signal. Our research showed that this simple indicator, being profitable, is less effective than many other analytical instruments described in this book.

The indicator view in the chart.

The indicator has the following parameters:

Common

Source - setting of the indicator calculation parameters:

• Open
• High
• Low
• Close
• Volume

Drawing

Panel - selection of the indicator location in the chart:

• New panel
• Chart

Visualization

Show value - display of the indicator value on the price scale on the left.

Scale/Auto-scaling - if this option is on, the scale will be automatically calculated, based on the minimum and maximum indicator values, so that the indicator would fit in the chart.

Color - color setting of the indicator.

Visual type - visual setting of the indicator display in the chart:

• Line
• Histogram
• Hash
• Block
• Cross
• Square
• Dots
• Up arrow
• Down arrow
• Axis label
• Hide

Line style - setting of the line display style:

• Solid
• Dash
• Dash - dot
• Dash - dot - dot

Width - setting of the indicator line width.