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FGI
How it Works
The FGI uses two main conditions to determine fear and greed:
Fear Zone: This condition is met when the current price is significantly lower than its recent highest price, relative to its standard deviation. This suggests that the market may be experiencing a rapid decline, indicating fear among participants. When active, it plots a pink candlestick below the price bars.
Greed Zone: This condition is met when the inverse of the current price is significantly lower than the inverse of its recent highest price, also relative to its standard deviation. In simpler terms, this means the price is significantly higher than recent averages, suggesting excessive buying or greed. When active, it plots a green candlestick above the price bars.
Customizable Settings:
Source: You can choose the price data (e.g., ohlc4 which is the average of open, high, low, and close) the indicator uses for its calculations.
High Period: This setting determines the look-back period for calculating the highest price.
Stdev Period: This setting defines the period used for calculating the standard deviation.
Average Type: You can select whether the indicator uses a Weighted Moving Average (WMA) or a Simple Moving Average (SMA) for its internal calculations.
Show Alert Circle: This option allows you to display a small circle on the chart when a fear or greed condition is triggered.
The FGI uses two main conditions to determine fear and greed:
Fear Zone: This condition is met when the current price is significantly lower than its recent highest price, relative to its standard deviation. This suggests that the market may be experiencing a rapid decline, indicating fear among participants. When active, it plots a pink candlestick below the price bars.
Greed Zone: This condition is met when the inverse of the current price is significantly lower than the inverse of its recent highest price, also relative to its standard deviation. In simpler terms, this means the price is significantly higher than recent averages, suggesting excessive buying or greed. When active, it plots a green candlestick above the price bars.
Customizable Settings:
Source: You can choose the price data (e.g., ohlc4 which is the average of open, high, low, and close) the indicator uses for its calculations.
High Period: This setting determines the look-back period for calculating the highest price.
Stdev Period: This setting defines the period used for calculating the standard deviation.
Average Type: You can select whether the indicator uses a Weighted Moving Average (WMA) or a Simple Moving Average (SMA) for its internal calculations.
Show Alert Circle: This option allows you to display a small circle on the chart when a fear or greed condition is triggered.
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