INVITE-ONLY SCRIPT
McClellan Oscillator, with BTCLONG vs BTCSHORT inputs
for more information on the Meclellan oscillator (MO), refer to p.142 "[Charles Kirkpatrick,Julie Dahlquist] Technical analysis, the complete resource of financial market technicians"
"This oscillator is the difference between two exponential
moving averages of advances minus declines. The two averages are an exponential equivalent to
a 19-day and 39-day moving average"
So traditionally the MO is used to gauge "market strength", by comparing the difference in cumulative market advances - cumulative market declines of Nasdaq stocks.
The MO can then be modified with inputs of BTCLONGS and BTCSHORTS (in lieu of the default advance & decline).
What this basically does is, changes the traditional MO to gauge "Optimism/Pessimism strength" of the BTC instead.
The changes made in this Script/indicator from the original is:
- default inputs are changed to BTCLONGS and BTCSHORTS (in lieu of the default advance & decline)
- added horizontal overbought and oversold lines, which are set to +30 % -30, Please do play with these figures and fit to purpose
"This oscillator is the difference between two exponential
moving averages of advances minus declines. The two averages are an exponential equivalent to
a 19-day and 39-day moving average"
So traditionally the MO is used to gauge "market strength", by comparing the difference in cumulative market advances - cumulative market declines of Nasdaq stocks.
The MO can then be modified with inputs of BTCLONGS and BTCSHORTS (in lieu of the default advance & decline).
What this basically does is, changes the traditional MO to gauge "Optimism/Pessimism strength" of the BTC instead.
The changes made in this Script/indicator from the original is:
- default inputs are changed to BTCLONGS and BTCSHORTS (in lieu of the default advance & decline)
- added horizontal overbought and oversold lines, which are set to +30 % -30, Please do play with these figures and fit to purpose
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