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:
Source - setting of the indicator calculation parameters:
Panel - selection of the indicator location in the chart:
- New panel
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:
- Up arrow
- Down arrow
- Axis label
Line style - setting of the line display style:
- Dash - dot
- Dash - dot - dot
Width - setting of the indicator line width.
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