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Sentiment in Russian metals and mining stocks on a 0 to 100 scale: the lower the value, the stronger the fear; the higher, the stronger the greed.
The mapping to the 0–100 scale is the same for every component. The rank of the current value among its own values in a window of 504 observations (a percentile); at least 252 observations are required.
| Component | What it measures | Direction | Weight, % |
|---|---|---|---|
| Sector momentum | The index of the sector's stocks against its 125-day moving average | A rise in the measure moves the index towards greed | 25.0 |
| Stock price strength | The sector's stocks at 52-week highs minus those at 52-week lows, as a share of the sector's stocks in the calculation | A rise in the measure moves the index towards greed | 25.0 |
| Sector breadth | The running difference between the turnover of the sector's rising and falling stocks | A rise in the measure moves the index towards greed | 25.0 |
| Sector volatility | The 20-day volatility of the sector index against its 50-day average | A rise in the measure moves the index towards fear | 25.0 |
The indicator is the average of the scores of all available components: each carries the same weight.
A value is published when at least 3 of the 4 components are available. Otherwise there is no value for the day: the middle of the scale is never substituted for it.
The result is stored to three decimal places; the page shows one.
| Zone | Value |
|---|---|
| Extreme Fear | 0–25 |
| Fear | 25–45 |
| Neutral | 45–55 |
| Greed | 55–75 |
| Extreme Greed | 75–100 |
The lower bound belongs to the zone: a value of 45 is already “neutral”.
The calculation follows the Russian market fear and greed index but uses the stocks of a single sector: the MOEX Russia Index is replaced by an index of the sector's stocks in which a stock's weight grows with its turnover over a year. There are four components rather than seven. There are no options and no expected-volatility index for sectors, so volatility is measured from the actual moves of the sector index; safe-haven demand and credit risk appetite are properties of the market as a whole and do not exist for a sector.
The calculation includes the sector's stocks with at least 260 trading days of history and a 60-day median turnover of at least RUB 1 million; the composition is fixed on the first trading day of the month. If the sector has fewer than eight such stocks, there is no value for that day, while the sector index keeps running on the remaining stocks so that the comparison with its average does not restart when the eighth stock returns. The first value appears once the sector has accumulated a year of such days.
Breadth is weighted by turnover: a move in a stock with a larger turnover counts for more. Price strength counts every stock equally, so in a small sector it changes in large steps: one stock out of eight moves it by one eighth. A stock with fewer than 200 trading days over the past year, or whose price moved by more than 45% in a day during that time (which is what a change of par value looks like), is left out of price strength.
The indicators section and the indicators resource of the programmatic interface publish the indicator value and the component scores on a 0–100 scale — the results of our own calculation. The underlying figures the scores are derived from (prices, turnover, exchange index levels) are not part of them.
Each version of the method is described on its own page, and that page does not change. If the calculation changes, a new version gets its own page and this one stays at its address.
The indicator reflects market statistics and does not constitute individual investment advice.
Each component is compared only with its own two-year history, so a value shows how unusual sentiment in the sector is for the sector itself. Comparing two sectors tells you where sentiment is further from its norm, not which sector has risen more.
A stock's sector is taken from today's classification and applied to the whole history. Stocks delisted before our records begin are not included: values for past years are based on the stocks whose history we hold.
The indicator has been calculated daily since 5 October 2026. Values for earlier dates were reconstructed with the same rules from historical prices; each date is calculated only from trading days up to and including it.