Definition:
A breadth-based indicator. The Oscillator is derived from the daily advances minus the declines. These indicators were invented in the 1980s by Sherman and Marian McClellan of Lakewood, Washington. The Oscillator is basically a result of subtracting a 0.05 exponential average (a 40-day moving average) of advances minus declines from the 0.10 exponential moving average (20-day moving average).