TheDevashishratio-Momentum

This custom momentum indicator is inspired by Fibonacci principles but builds a unique sequence with steps of 0.5 (i.e., 0, 0.5, 1, 1.5, 2, ...). Instead of traditional Fibonacci numbers, each step functions as a dynamic lookback period for a momentum calculation. By cycling through these fractional steps, you capture a layered view of price momentum over varying intervals.

The "Fibonacci" Series Used
Sequence:
0, 0.5, 1, 1.5, 2, … up to a user-defined maximum

For trading indicators, lag values (lookback) must be integers, so each step is rounded to the nearest integer and duplicates are removed, resulting in lookbacks:
1, 2, 3, 4, ... N

Indicator Logic
For each selected lookback, the indicator calculates momentum as:

Momentum
n
=
close
−
close
[
n
]
Momentum
n
=close−close[n]
Where:

close = current price

n = integer from your series of [1, 2, 3, ... N]

You can combine these momenta for an averaged or weighted momentum profile, displaying the composite as an oscillator.


How To Use
Bullish: Oscillator above zero indicates positive composite momentum.

Bearish: Oscillator below zero indicates negative composite momentum.

Crosses: A cross from below to above zero may signal emerging bullish momentum, and vice versa.

Customization
Adjust max_step to control how many interval lags you want in your composite.

This oscillator averages across many short and mid-term momenta, reducing noise while still being sensitive to changes.

Summary
TheDevashishratio-Momentum offers a fresh momentum oscillator, blending a "Fibonacci-like" progression with technical analysis, and can be easily copy-pasted into TradingView to experiment and refine your edge.

For more on momentum indicator logic or how to use arrays and series in Pine Script, explore TradingView's official documentation and open-source scripts