The DAX 40
Fear & Greed Index
One number for the mood of the German market — built from DAX momentum, realized volatility, the euro, and how Germany is performing relative to broader Europe. A contrarian reference point, not a trading signal.
Embed this widget →The four components
The index is an equally weighted average of four readings — each a different angle on what German equity investors are doing. Components are designed for the structural reality of the DAX: an export-heavy, currency-sensitive, institutional market embedded in a wider European trading bloc.
History
Daily readings since coverage began, overlaid with the DAX 40 closing level. Bands shade the 0–100 score by sentiment zone — extreme fear at the bottom, extreme greed at the top.
Methodology
Each component is percentile-ranked against its trailing two-year distribution, then equal-weighted into a 0–100 composite. This treats every component as a contextual reading — "how unusual is today versus the recent past" — rather than an absolute threshold.
Market Momentum
DAX 40 vs its 125-day moving average, expressed as a ratio. The ratio is percentile-ranked against the trailing two years. Above the MA = positive momentum; how far above (vs history) sets the score.
Volatility
20-day annualized realized volatility of DAX 40 daily log returns. Percentile-ranked over two years and inverted — calm conditions mean a high score (greed), elevated realized risk means a low score (fear). This measures actual German equity volatility, not implied options volatility, and uses the same realized-vol methodology as the NIFTY, KOSPI, Nikkei, and FTSE regional indices.
Currency
EUR/USD 60-day percentage change, percentile-ranked and inverted. DAX revenues are ~60% export-derived, so a strengthening euro compresses margins for the index heavyweights (Siemens, SAP, BMW, BASF, Bayer) and pulls the score toward fear; a softening euro reverses that effect and leans toward greed.
European RS
DAX 60-day total return minus Stoxx Europe 600 60-day total return, percentile-ranked over two years. When Germany outperforms broader Europe, local risk appetite is elevated — score moves toward greed. When Germany lags (defensive rotation away from cyclicals toward defensives elsewhere), the score moves toward fear. The Stoxx 600 contains ~25% German weighting, which reduces signal magnitude slightly but preserves direction.
Frequently asked questions
What is the DAX Fear & Greed Index?
Where does the data come from?
How is the score calculated?
How often is it updated?
Is there a public API?
/api/?action=dax (current score), /api/?action=dax-history (full daily history as JSON), and /api/?action=dax-history.csv (same as CSV). All responses include CORS headers so you can fetch them directly from a browser. Full reference is at /api-docs.