McClellan Oscillator for DAX (GER30) [aftabmk modified]

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About McClellan Oscillator
Developed by Sherman and Marian McClellan, the McClellan Oscillator is a breadth indicator derived from Net Advances, the number of advancing issues less the number of declining issues. Subtracting the 39-day exponential moving average of Net Advances from the 19-day exponential moving average of Net Advances forms the oscillator.

As the formula reveals, the McClellan Oscillator is a momentum indicator that works similar to MACD .

McClellan Oscillator signals can be generated with breadth thrusts, centerline crossovers, overall levels and divergences.

About my version
This version here is a modification, though:
- It can only be used on the DAX index ( DAX 30 or GER 30)
- It only considers the DAX 30 stocks
- The data window will provide a summary about rising and declining stocks
- The data window will output the last change for each of the 30 stocks

I am only publishing this version because I am not sure if my current version is saved when I leave tradingview.com without publishing the script.
This version still contains a bug - the if/else clauses do not correctly recognize declining stocks. So the oscillator should not be used as it is.
Working on it these days. Feel free to provide feedback!

Stuff I am working on
- Coloring the area green/red according to the value
- Fixing this bug/making this script more efficient

This script was mainly written for educational purposes (training myself how to write custom indicatotors).
As you can see, the code is really messy.

Based on the simple version of aftabmk
You can find the original version by searching for McClellan Oscillator for nifty 50.
  • Added green and red coloring
  • Switched to 1000* scale
  • I took some parts out of lazybear's version, also some of "Crypto McClellan Oscillator" from danarn
  • Renamed the script to make the name more precise

Important: In this release, the bug described above is not fixed yet. Still working on this issue.
Hint: The script is pretty slow because it has to calculate the change for each bar individually (instead of receiving a complete calculation from the stock exchange).
  • BUG FIXED, oscillator should now work as expected for the DAX 30 index
  • Added some credits to the code
  • Code is still a mess, lol
  • Added more precise information to the data window
  • FOR YOUR INFORMATION: This script will work on any time period. It is recommended to use it with timeperiod = 1d, though. Just use whatever timeperiod you are comfortable with, the indicator will automatically adjust accordingly.

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