Original TebotechSignals research · updated every trading day
Tebotech Risk Appetite Index
One number for how much risk markets are willing to take: built from currencies, gold and US stocks, with a published formula. When the index is high, money is moving into growth and risk currencies; when it is low, it is hiding in the yen, the franc and gold.
Reading for 2026-10-23
76
Risk appetite
0 = extreme fear · 100 = strong risk appetite
Risk appetite stands at 76 (risk appetite): growth sectors beat defensive ones and risk currencies gained on the yen and franc.
Risk currencies vs yen and franc · 35%
+0.74
Gold (inverted) · 15%
+0.66
Stock breadth · 25%
-0.28
Growth vs defensive sectors · 25%
+0.92
History
The index started on 2026-10-23. The chart fills in as each trading day is added.
How it is calculated
Four components, each scaled from -1 to +1, then combined: Index = 50 + 50 × (weighted sum). Readings are taken near the US close each trading day.
- Risk currencies vs yen and franc (35%): Average day change of AUD/JPY, NZD/JPY, CAD/JPY, AUD/CHF and NZD/CHF.
- Gold (inverted) (15%): Gold rising is a safe-haven signal, so it lowers the index.
- Stock breadth (25%): Stocks up minus stocks down, across the 100 most liquid US stocks under $20.
- Growth vs defensive sectors (25%): Technology and consumer discretionary minus utilities, consumer staples and health care.
Sources: OANDA currency and gold prices; Nasdaq stock screener (delayed). Bands: 0-20 extreme fear, 20-40 fear, 40-60 neutral, 60-80 risk appetite, 80-100 strong risk appetite.
How traders use it
- High readings tend to favour AUD, NZD and CAD against the yen and franc, and growth stocks over defensives. See the AUD/JPY report.
- Low readings tend to favour JPY, CHF and gold. See the gold report and USD/JPY.
- It describes the mood; it does not time entries. Our signals take direction from monthly, weekly and daily structure.
- Check how any stock moves with currencies in the stock-to-forex correlation checker.
Cite or embed the index
Free to use with credit (CC BY 4.0). Journalists, bloggers and newsletters are welcome.
Citation
Tebotech Risk Appetite Index, 2026-10-23: 76 (Risk appetite). Source: TebotechSignals, https://tebotechsignals.com/risk-appetite-index
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Market research, not investment advice. Trading carries a high risk of loss.