🌡️ 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.

💡 The gauge color smoothly transitions across zones — there are no hard cutoffs. The arc itself is a gradient from red (left/fear) to green (right/greed).

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

💡 Extreme readings (above +60 or below -60) are relatively uncommon and tend to occur during high-conviction market moves. They don't predict direction — they describe the current positioning landscape.

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.

🔑 Key Takeaways

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

← Live Flow 3D Surface →