🌡️ Sentiment
The Sentiment view provides a market-wide overview of options-derived sentiment for the three major US index ETFs: SPY, QQQ, and IWM. Each ticker gets an arc gauge scored from -100 to +100.
The Arc Gauges#
Each gauge displays a semicircular arc with a needle pointing to the current sentiment score:
- -100 to -60 — 🔴 Extreme Fear zone (red). Options data shows heavy put positioning, negative gamma environment, and elevated downside IV.
- -60 to -20 — 🟠 Fear zone (orange). Put positioning is above average, but not at extremes.
- -20 to +20 — ⚪ Neutral zone (gray). Balanced call/put positioning with no strong directional lean.
- +20 to +60 — 🟢 Greed zone (light green). Call positioning dominates, positive gamma environment.
- +60 to +100 — 🟢 Extreme Greed zone (dark green). Strong call dominance, high positive GEX, elevated call IV demand.
What Drives the Score#
The sentiment score is synthesized from multiple options metrics for each ticker:
- GEX Ratio — How much gamma comes from calls vs. puts
- Net GEX — Whether the overall gamma environment is positive or negative
- Put/Call OI ratio — The balance of open interest
- IV Ratio — Whether calls or puts are relatively more expensive
- Net IV — The absolute difference between call and put implied volatility
- Volume dynamics — Relative call vs. put volume
These inputs are combined into a single composite score. The score reflects the current snapshot of options positioning — it changes as new data arrives and options activity shifts.
How to Interpret#
| Zone | Score Range | What It Reflects |
|---|---|---|
| 🔴 Extreme Fear | -100 to -60 | Heavy put positioning, negative GEX, high downside vol demand |
| 🟠 Fear | -60 to -20 | Elevated put activity, mildly negative environment |
| ⚪ Neutral | -20 to +20 | Balanced positioning, no strong lean from options data |
| 🟢 Greed | +20 to +60 | Call-side dominance, positive gamma, lower put demand |
| 🟢 Extreme Greed | +60 to +100 | Strong call positioning, very high positive GEX |
Auto-Refresh#
The Sentiment view refreshes automatically every 60 seconds during market hours. Each gauge updates independently as fresh data arrives for SPY, QQQ, and IWM.
Using Sentiment with Other Views#
Sentiment provides the big picture. For deeper analysis:
- Switch to the Heatmap to see exactly where the GEX levels are concentrated for each ticker.
- Check Live Flow to see what kinds of trades are driving the sentiment — are they sweeps, blocks, or small retail?
- Use Compare to view all three index ETFs side by side with their full GEX profiles.
- Sentiment gauges show a composite score from -100 (Extreme Fear) to +100 (Extreme Greed)
- Scores are derived from GEX Ratio, Net GEX, P/C OI, IV Ratio, and volume data
- Three tickers are tracked: SPY, QQQ, and IWM — the major US index ETFs
- The score reflects current positioning — it describes the market, not predicts it
- Auto-refreshes every 60 seconds during market hours
- Use alongside Heatmap and Live Flow for a more complete picture