Denis Meyers that invented Polychromatic Momentum, describes it as:
Momentum is defined as the difference, or percent change, between
the current bar and a bar some lookback period in the past. The major
problem with using momentum based indicators is that the optimum
lookback period seems to change over time creating losses with the
current chosen lookback period.
To avoid the errors due to a single lookback period we create an
indicator that takes an weighted average of all significant lookback
periods for the tradable. We named this indicator polychromatic
because poly means many and chromatic means colors. Thus, Polychromatic
Momentum for this indicator translates into the sum of many Momentums.
Author: Mladen Rakic