The Fear & Greed indicator is an advanced visual algorithm that synthesizes market sentiment into a 0-100 value using a semi-circular gauge. Unlike basic versions, this tool is fully customizable, allowing traders to tweak every aspect of its calculation.

📊 The 4 Core Components (Configurable)

1️⃣ Price Momentum *(Configurable Weight: 0-100%)*

6 Calculation Methods Available:

PriceChange: Simple % change vs. previous period
ROC: Normalized Rate of Change
RSI: Modified RSI for momentum
SMADeviation: Price deviation from SMA
EMADeviation: Price deviation from EMA
MACD: MACD signal as momentum indicator

🔧 Customizable Parameters:

Lookback period *(5-100)*
Calculation sensitivity *(1.0-50.0)*

2️⃣ Volatility *(Configurable Weight: 0-100%)*

6 Calculation Methods Available:

TrueRange: Volatility based on True Range
HighLowRange: Simple High-Low range
CloseToClose: Logarithmic close-to-close volatility
ATR: Standard Average True Range
StandardDev: Price standard deviation
ParkinsonVol: Parkinson volatility estimator

🔧 Customizable Parameters:

Calculation period *(5-50)*
Volatility multiplier *(1.0-100.0)*
Logic inversion (higher volatility = more fear)

3️⃣ Market Strength *(Configurable Weight: 0-100%)*

6 Calculation Methods Available:

SMA: Position relative to Simple Moving Average
EMA: Position relative to Exponential Moving Average
VWAP: Position relative to Volume Weighted Average Price
HLBand: Position within High-Low band
BollingerPos: Position inside Bollinger Bands
PivotDistance: Distance to pivot points

🔧 Customizable Parameters:

Calculation period *(10-200)*
Strength multiplier *(1.0-50.0)*

4️⃣ Directional Pattern *(Configurable Weight: 0-100%)*

6 Calculation Methods Available:

BullBearRatio: Bullish/Bearish candle ratio
VolumePattern: Volume trend analysis
BodySizePattern: Candle body size analysis
WickPattern: Wick pattern analysis
GapPattern: Gap detection & analysis
ConsecutivePattern: Consecutive price movement analysis

🔧 Customizable Parameters:

Analysis period *(5-30)*
Volume usage in calculations (optional)

⚙️ Advanced Features

🔹 Flexible Weighting System

Custom weights per component *(0-100%)*
Auto-normalization if weights don’t sum to 100%
Warnings for suboptimal configurations

🔹 Smart Smoothing

Optional smoothing to reduce noise
Adjustable smoothing period *(1-10)*
SMA filter applied to final results

🔹 Fully Customizable Display

Gauge size *(50-500px)*
Update frequency *(1-50 bars)*
Optional component breakdown (shows individual values)
Auto-adapts to instrument & timeframe

🔄 Algorithm Process

Step 4: Visualization

The semi-circular gauge displays 5 color zones:

0-20: Extreme Fear
21-40: Fear
41-60: Neutral
61-80: Greed
81-100: Extreme Greed

✅ Fully Customizable System:

🎯 Total Flexibility

Adapts to any market: Forex, Crypto, Stocks, Commodities
Timeframe-specific: Different settings for scalping vs. swing trading
Evolves with the market: Adjust strategies as conditions change

5.0

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v.kamyshanskiy

September 25, 2025

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ZigZag

pinescriptlabs

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