Formula & Calculation Mechanism
Equal-weighted average of 7 normalized market indicators: Market Momentum, Stock Price Strength, Stock Price Breadth, Put/Call Ratio, Junk Bond Demand, Market Volatility (VIX), Safe Haven Demand
极度恐慌意味着投资者过度焦虑，股票往往跌破内在价值；极度贪婪则反映 FOMO 追高情绪与回调风险。
Market Impact on US Equities & S&P 500
当指数跌破 25 (极度恐慌) 时触发反向买入信号；突破 75 (极度贪婪) 时提醒阶段性锁定利润。
Historical Precedents & Bull/Bear Regimes
2023 年 10 月，恐惧贪婪指数触及极度恐慌 (18)，准确锁定了标普 500 反弹 25% 前的最低点。