Volatility (VIXY) — ETF proxy for equity fear; near its 50-day high pulls the score down. Cash VIX is not available from our vendor.
Momentum (SPY) — distance of SPY vs its 125-day moving average.
Breadth — share of a sitewide equity basket trading up vs down today.
Final score is the average of the three (0–100), labeled Extreme Fear → Extreme Greed.