Methodology: Ether fear and greed index
Version 1
What the indicator shows
Sentiment in the ether market on a 0 to 100 scale: the lower the value, the stronger the fear; the higher, the stronger the greed.
- What it is measured on
- Ether: daily prices, perpetual contracts and options
- Updates
- Once a day, after the market closes
Components
| Component | What it measures | How it is mapped to the 0–100 scale | Direction | Weight, % |
|---|---|---|---|---|
| Price momentum | The price against its 50-day moving average | The rank of the current value among its own values over the last 365 trading days (a percentile); at least 90 observations are required. | A rise in the measure moves the index towards greed | 16.7 |
| Volatility | 30-day volatility against its annual level | The rank of the current value among its own values over the last 365 trading days (a percentile); at least 90 observations are required. | A rise in the measure moves the index towards fear | 16.7 |
| Funding rate | The average settled funding rate of perpetual contracts over the last closed day | The rank of the current value among its own values over the last 365 trading days (a percentile); at least 90 observations are required. | A rise in the measure moves the index towards greed | 16.7 |
| Open interest | The 7-day change in the open interest of perpetual contracts, in contracts | The rank of the current value among its own values over the last 365 trading days (a percentile); at least 30 observations are required. | A rise in the measure moves the index towards greed | 16.7 |
| Put and call options | Open interest in put options relative to open interest in call options | The rank of the current value among its own values over the last 365 trading days (a percentile); at least 30 observations are required. | A rise in the measure moves the index towards fear | 16.7 |
| Implied volatility | The 30-day implied volatility index of options | The rank of the current value among its own values over the last 365 trading days (a percentile); at least 90 observations are required. | A rise in the measure moves the index towards fear | 16.7 |
How the number is built
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 6 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.
Zones of the scale
| 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”.
What to keep in mind
The indicator has been calculated daily since 3 October 2026. Values for earlier dates were reconstructed with the same rules from historical prices and rates; each date is calculated only from data up to and including it. Before 2023 the indicator was based on three components: the series for the others begin later.
The funding rate, open interest and implied volatility are calculated on closed days (UTC): a value for the current day does not exist yet. Open interest in options is observed once a day, at its start.
The put/call ratio of options has been collected since October 2026 and will enter the calculation once 30 days of history are available. Until then the value is based on the remaining components, and their number is shown next to the value.
What is published
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.
Method versions
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.