Dynamic Median Momentum Oscillator

This script provides a momentum oscillator that uses a median-based approach rather than traditional averages to find the center of price action. By calculating the distance between the current price and a rolling median (HLC3), it identifies how far the market has stretched from its historical equilibrium. The indicator is designed to filter out the noise typical of standard momentum tools, using a standardized range calculation to provide fixed overbought and oversold zones. It helps traders identify trend strength, potential exhaustion, and mean reversion opportunities across different market conditions. The core of this tool is the Dynamic Median basis, which uses a rolling median of the HLC3 price to establish a