The Volume Summation Index rises while the McClellan Volume Oscillator is above zero and falls while it is below zero. Its direction therefore shows whether volume has favored advancing or declining stocks over recent weeks. A turn up from a deep low suggests that buying volume is returning after a decline, and a turn down from a high warns that the volume behind the advance is fading. Compare it with the regular McClellan Summation Index: a rally confirmed by both is supported by the number of rising stocks and by the money flowing into them.
The charts above show the McClellan Volume Summation Index under the price of 24 stock indexes, from the S&P 500, Nasdaq 100 and Russell 2000 to the FTSE 100, DAX and Nifty 50, so you can compare breadth across markets at a glance. Click a chart to open a larger version.
The McClellan Volume Summation Index is a running total of the McClellan Volume Oscillator. It shows the intermediate-term trend of volume-based market breadth.
Each day, the current McClellan Volume Oscillator value is added to the previous value of the index.
A rising index means volume favors advancing stocks, and a falling one means it favors declining stocks. Turns from extremes and divergences from the price index can signal major reversals.
The McClellan Summation Index is based on the number of advancing and declining stocks, while the volume version is based on their trading volume, so it gives more weight to heavily traded stocks.
Yes. In the Formula Screener, mvsi is the McClellan Volume Summation Index. For example, (mvsi > mvsi@5)@sp500 and price ca sma(50) finds stocks crossing above their 50-day SMA while the S&P 500 Volume Summation Index is higher than a week ago.
