Adding MetaTrader 4 McClellan Oscillator Indices Technical Chart Indicator
Step 1: Open the Indices Trading Platform Navigator Window
Open the Navigator window as shown below; Go to “View” menu (click), then select the “Navigator” window (click), or From Standard Toolbar click the “Navigator” button or press short cut keyboard keys “Ctrl+N”
On the Navigator window, select “Indicators”, (Double Click)
MetaTrader 4 McClellan Oscillator Indices Indicator
Adding McClellan Oscillator MetaTrader 4 Indices Technical Chart Indicator
Expand the menu by clicking the expand button marker (+) or double click the “indicators” menu, after this the button will appear as (-) and will now display a list as shown below - select the McClellan Oscillator stock indices chart indicator from this list of stock indices indicators so as to add the McClellan Oscillator stock indexes technical indicator on the stock indexes trading chart.
From the Above window you can then place McClellan Oscillator indicator that you want on the Indices Trading chart
How to Put Custom McClellan Oscillator Stock Indexes Indicator on MetaTrader 4 and How to Install McClellan Oscillator Stock Indexes Indicator MetaTrader 4
If the stock indices indicator you want to add is a custom indicator - for example if the McClellan Oscillator indicator you want to add is a custom indicator you will need to first add this custom McClellan Oscillator indicator on the MT4 stock indexes trading platform and the compile the custom McClellan Oscillator indicator so that the newly added McClellan Oscillator custom indicator appear on the list of custom indicators on the MetaTrader 4 stock indexes trading platform.
To learn how to install McClellan Oscillator indicators on MetaTrader 4, how to add McClellan Oscillator indicator window to MetaTrader 4 and how to add McClellan Oscillator custom indicator on MT4 stock indexes trading platform - How to add a custom McClellan Oscillator indices trading Indicator on MT4.
About McClellan Oscillator Indices Indicator Tutorial
McClellan Oscillator Indices Technical Analysis and McClellan Oscillator Indices Trading Signals
Developed by McClellan.
The McClellan Oscillator is an indicator that is based on smoothing the difference between the number of bullish candlesticks and bearish candlesticks. This indicator looks similar to the traditional MACD.
Indices Technical Analysis and Generating Indices Trading Signals
This Oscillator is a momentum indicator that can be traded in the same way as the MACD indicator. There are 3 techniques that McClellan Oscillator can be used to generate stock indices signals.
Zero Center Line Crossover Signals:
Bullish Signals- When the oscillator crosses above zero center-line a buy stock indices signal is given.
Bearish Signals- When the oscillator crosses below zero center-line a sell stock indices signal is given.
Divergence Indices Trading Signals:
Looking for divergences between the McClellan Oscillator and stock indexes price can prove to be very effective in identifying potential reversal and/or indices trend continuation points in stock indexes price movement.
There are several types of divergences:
Classic Divergence (Regular Divergence)
- Bullish Divergence: Lower lows in stock indexes price action and higher lows in the McClellan Oscillator.
- Bearish Divergence: Higher highs in stock indexes price and lower highs in the McClellan Oscillator.
- Bullish Divergence: Higher lows in stock indexes price action and lower lows in McClellan Oscillator.
- Bearish Divergence: Lower highs in stock indexes price action and higher highs in McClellan Oscillator.
The McClellan Oscillator is also used to identify potential overbought and oversold levels in stock indexes price action movements. The overbought and oversold conditions are generated when the oscillator moves to extreme levels on one side and starts to turn, however, in a strong trending market the oscillator will stay in the overbought and oversold levels for a long time. It is not recommended to trade overbought and oversold levels to generate stock indexes trading signals. The best signal to use is the Center-line crossover signals to generate stock indices signals.