How to Add McClellan Indicator on MT4 Charts
Step 1: Open Navigator Window on Platform
Open Navigator panel as shown and illustrated below: Go to 'View' menu (click on it), then choose 'Navigator' panel (click), or From Standard Tool-Bar click 'Navigator' button or press keyboard short cut keys 'Ctrl+N'
On Navigator window, choose 'Indicators', (Double Click)
How Do You Add McClellan Indicator on MT4 - MT4 McClellan Indicator
Step 2: Expand the Indicators Menu on the Navigator - Adding McClellan Oscillator MT4
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 chart indicator from this list of indicators so as to add the McClellan Oscillator indicator on the chart.
How Do I Add McClellan Indicator - From the Above window you can then place McClellan Oscillator indicator that you want on the chart
How to Add Custom McClellan Indicator to MT4
If the indicator you want to add is a custom indicator - for example if the McClellan Oscillator technical indicator you want to add is a custom indicator you will need to first add this custom McClellan Oscillator indicator on the MT4 platform & then compile custom McClellan Oscillator indicator so that the newly added McClellan Oscillator custom indicator pops up on the list of custom indicators in MT4 platform.
To learn how to install McClellan Oscillator indicators on MT4, how to add McClellan Oscillator indicator window to MT4 and how to add McClellan Oscillator custom indicator in MT4 - How to add a custom McClellan Oscillator indicator in MT4.
About McClellan Oscillator Technical Indicator Explained
McClellan Oscillator Analysis & McClellan Oscillator 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.
McClellan Oscillator
Technical Analysis & How to Generate Signals
This Oscillator is a momentum indicator that can be traded in the same way as the MACD. There are Three techniques that McClellan Oscillator can be used to generate trading signals.
Zero Center Line Crossover Signals:
Bullish Signals- When the oscillator crosses above zero center-line a buy signal is given.
Bearish Signals- When the oscillator crosses below zero center-line a sell signal is given.
Technical Analysis in FX Trading
Forex Divergence Trading Signals:
Looking for divergences between the McClellan Oscillator and price can prove to be very effective in spotting the potential reversal &/or trend continuation points in price movement.
There are several types of divergences:
Classic Divergence ( Regular Trade Divergence )
- Bullish Divergence: Lower lows in price action and higher lows in the McClellan Oscillator.
- Bearish Divergence: Higher highs in price & lower highs in the McClellan Oscillator.
Hidden Divergence Trading Setup
- Bullish Divergence: Higher lows in price action & lower lows in McClellan Oscillator.
- Bearish Divergence: Lower highs in price action and higher highs in McClellan Oscillator.
Overbought/Oversold Levels on Indicator
The McClellan Oscillator is also used to identify potential overbought & oversold levels in price action movements. The overbought and oversold conditions are generated when the oscillator moves to extreme levels on one side & 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 & oversold levels to generate trade signals. Best signal to use is the Center-Line cross over signals to generate trade signals.
