📊 Fear & Greed by Zofesu — Dual VIX Engine | Institutional Sentiment Detection

Fear & Greed is a precision oscillator built on a dual Williams VIX Fix engine — one calibrated for panic (Fear), one for euphoria Greed). It identifies moments when institutional overheating reaches statistically extreme levels, signaling high-probability reversal zones.

⚙ HOW IT WORKS

The indicator runs two independent WVF calculations:

Fear engine — measures how far current low is from the highest recent close. Spikes signal capitulation and panic.

Greed engine — measures how far current high is from the lowest recent low. Spikes signal euphoric overextension.

Each engine is filtered through two independent thresholds:

1. Bollinger Band upper/lower boundary (2× StdDev)

2. Percentile rank threshold (configurable)

A histogram bar appears ONLY when price crosses BOTH or EITHER threshold — eliminating noise and showing only statistically significant extremes.

🔑KEY FEATURES

✅ Dual WVF engine — Fear (Lime) and Greed (Purple) calculated independently with separate lookback windows

✅ BB Bands — dynamic Bollinger Band boundaries for each engine

✅ Percentile Lines — configurable percentile rank thresholds

✅ Clean histogram output — bars visible only at extreme readings

✅ All 4 boundary lines toggleable on/off independently

✅ Fully configurable — separate lookback and percentile for Fear and Greed

✅ Works on all assets and timeframes

✅ Lightweight C# — no performance impact

📚HOW TO USE

1. Add the indicator to any chart as a separate panel

2. Lime histogram = Fear spike — potential bullish reversal zone

3. Purple histogram = Greed spike — potential bearish reversal zone

4. Aqua lines = BB boundaries for each engine

5. Orange dashed lines = Percentile thresholds

6. Use in confluence with price action, S/R Levels, SuperTrend or VWAP

7. Higher timeframes (D1, W1) produce the most reliable signals Best results on: H1, H4, D1 Works on: Indices (NAS100, SPX500), Crypto (BTCUSD), Forex, Gold, Oil, Stocks.

🔗PARAMETERS

Fear (Lime):

• Fear Lookback — bars for WVF and BB calculation (default 149)
• Fear Percentile — percentile rank threshold (default 0,49)

Greed (Purple):

• Greed Lookback — bars for WVF and BB calculation (default 143)
• Greed Percentile — percentile rank threshold (default 0,89)

Display:

• Show BB Bands — toggle aqua boundary lines on/off
• Show Percentile Lines — toggle orange threshold lines on/off

🎯 CALIBRATION GUIDE (FROM EXPERIENCE)

Each asset and timeframe requires its own unique settings — the indicator is built to allow this flexibility.

Step 1 — Find the right Lookback:

Set the Percentile to 0,99 first, then experiment with the Lookback value between 10 and 1000.

A higher Lookback reduces noise but may also hide valid signals. The recommended range is 50–500 for most setups.

Step 2 — Fine-tune the Percentile:

Once you find a Lookback that feels right, reduce the Percentile gradually from 0,99 downward. This relaxes the filter and reveals additional signals. The Fear and Greed parameters do not need to match each other.

Step 3 — Signal interpretation:

• Fear bar disappears on a closed candle → potential Long entry on the next candle.
• Greed bar disappears on closed candle → potential Short entry on the next candle.
• Fear or Greed staying lit for multiple bars = market is in a trend or accumulating positions — not necessarily a reversal.
• Both Fear and Greed lit simultaneously = conflicting pressure. Check the higher timeframe first. Is there a key S/R level nearby? If yes, wait for confirmation before entering.

The number of signals is entirely up to you and your strategy — stricter settings give fewer but higher-quality entries. After the correct setting, you can turn off the lines in the settings so that they do not disturb you.

⚠️ DISCLAIMER Trading financial instruments involves substantial risk of loss. Past performance of any indicator or strategy does not guarantee future results. This tool is provided for informational and educational purposes only. Always use proper risk management and never risk more than you can afford to lose. The author is not responsible for any trading losses incurred through the use of this indicator.