Radar Perene / concept
Ânima Index
What the Ânima Index is
Price tells you where the market is. Ânima tells you how it feels about being there.
It's a mood reading for a Brazilian asset or index, on a 0-to-100 scale — optimism on one end, pessimism on the other, neutral in the middle. The number isn't absolute: it's measured against the asset's own past. What matters is whether today's mood is common or rare for that particular asset.
It's the Radar's own reading, built from price, volume, and participation. Instead of cross-checking five indicators to feel the climate, you read one number.
Why it exists
Sentiment is information — but it rarely arrives in plain form. It shows up when price and mood diverge: price climbing while spirits are already stretched, or falling while the gloom runs out. That's when the reading earns its keep.
Taking the market's temperature between fear and greed is an old instinct. Ânima is that instinct built for Brazil, from the ground up. Brazil's market has less depth and liquidity than the major venues, and what counts as "normal mood" for a Brazilian stock isn't the same as for other markets. So Ânima is calibrated for that reality, not adapted from abroad.
How to read the scale
The scale runs 0 to 100, in five bands:
| Range | Reading |
|---|---|
| ≥ 80 | Extreme optimism — rare in the history |
| 60–80 | Optimism |
| 40–60 | Neutral |
| 20–40 | Pessimism |
| ≤ 20 | Extreme pessimism — rare in the history |
An extreme doesn't mean a reversal is coming. It means the current band is uncommon for that asset. What follows depends on regime, intermarket, and context — Ânima describes the state, it doesn't call the next move.
In practice, an Ânima of 72 on PETR4 points to an optimistic mood, above the stock's average — without that meaning buy or sell.
Two horizons: structural and short-term
The daily reading shows Ânima on two horizons, side by side — and the interesting information lives in the gap between them.
Ânima structural is the market's background mood — the standing risk disposition that persists behind the price —, read over a long window (roughly a year). It moves slowly: it takes a real change of climate to turn it. This is the flagship reading — how the market has been treating risk for a while.
Ânima short-term is the tactical mood, over recent weeks. It reacts faster, and it can swing while the structural reading barely moves.
When the short-term detaches from the structural — the background still gloomy while the recent mood has already turned up, or the reverse — that divergence is the signal worth reading. Agreement is calm; divergence is where the mood is changing.
Updated in July 2026: the structural reading now tracks the market's background risk disposition.
What Ânima is not
It is not a buy or sell signal. It says mood is ceasing to be neutral — it describes the state, not the action.
And it is not adapted from foreign indices: the variables and calibration are built from the ground up for the Brazilian market's structure.
One caveat: in low-liquidity assets the reading turns unstable. Without enough volume, Ânima isn't computed for that asset.
Ânima doesn't tell you what to buy. It shows when market mood is ceasing to be neutral.
Related concepts: Risk-on / Risk-off · Intermarket BR · see the full method
Frequently asked questions
What is the Ânima Index? A 0-to-100 market-mood reading for a Brazilian asset or index, measured against the asset's own past. It sums up in one number what price, volume, and participation suggest about the climate.
Is Ânima a buy or sell signal? No. It describes market mood — the state, not the action. It tells you when sentiment is leaving neutral, not what to do about it.
Is Ânima adapted from a foreign index? No. The variables and calibration are built from the ground up for the Brazilian market's structure — less depth and liquidity, and a "normal mood" of its own.
Does Ânima work for any asset? Only for those with enough liquidity. In low-volume stocks the reading turns unstable, and in those cases Ânima isn't computed.