The McClellan Summation Index works well to help investors identify important turning points in the market. The Summation Index gives a longer term signal when it confirms, or fails to confirm, the trend in the stock market itself. It can provide an early signal of a trend change too. thinkDesktop offers the Summation Index as a standard study and with some thinkering we have a histogram too.
The chart shows two studies, which can be used separately. The studies are to be used on the daily time frame. Like the standard TOS study NYSE, NASDAQ or AMEX can be selected.