Methodology
Current version v4 · calculated for 2015-08-19 to 2026-11-03
Three steps
- Measure each indicator, signed so that higher values mean more greed.
- Score it from 0 to 100 as the share of the previous 756 trading days (about three years) with a lower value.
- Average the scores with equal weights. Only data available on each day is used, so past values are never revised by later data.
Indicators
| Indicator | Calculation | Weight |
|---|---|---|
| Market Momentum | KOSPI versus its 125-day moving average | 14% |
| Stock Price Strength | Stocks at 52-week highs minus stocks at 52-week lows | 14% |
| Market Breadth | Trading value of advancing versus declining stocks (10-day average) | 14% |
| Safe Haven Demand | USD/KRW versus its 20-day average (a weaker won counts as fear) | 14% |
| Credit Spread | Change in the AA- corporate bond vs 3-year government bond spread | 14% |
| Market Volatility | VKOSPI versus its 50-day average | 14% |
| Put/Call Options | KOSPI 200 monthly options put/call volume ratio (5-day sum) | 14% |
| Margin Leverage | Margin loans relative to investor deposits | coming soon |
Version history
| Version | Date | Change (Korean) |
|---|---|---|
| v4 | 2026-10-23 | 옵션 심리(코스피200 풋/콜 비율) 추가, 7개 지표 |
| v3 | 2026-10-23 | 변동성(VKOSPI) 추가, 6개 지표 |
| v2 | 2026-10-23 | 신용 위험(회사채-국고채 금리 차) 추가, 5개 지표 |
| v1 | 2026-10-23 | 시장 모멘텀·주가 강도·시장 폭·안전자산 수요 4개 지표 |
Limitations
- History starts in 2015 because earlier stock-level data is not available from our sources.
- Stock-level indicators use currently listed stocks, so delisted stocks are missing (survivorship bias).
- Values are calculated once per day after the Korean close. VKOSPI is published with a one-day lag.
- The index describes sentiment. It does not predict prices and is not investment advice.
Korean version: 계산 방법