Radar Perene / concept
Ânima Index
The Ânima Index is a methodological adaptation inspired by composite market-sentiment readings, adjusted to the limits and characteristics of the Brazilian market.
What it is
An aggregate reading of the mood of an asset or index — how optimistic or pessimistic the price, volume, and participation behavior is suggesting, relative to the asset's own historical distribution. Expressed on a 0–100 scale with categorical bands (extreme pessimism, pessimism, neutral, optimism, extreme optimism).
Ânima does not copy any foreign indicator. It assumes the Brazilian market has different depth, liquidity, and structure from the US market, and calibrates against the Brazilian historical distribution itself.
Why it exists
Because sentiment is information, but rarely direct information. Price tells you where you are; sentiment tells you how the market feels about being there. When the two diverge — price rising with sentiment stretched, price falling with sentiment exhausted — the reading gains value.
Having an Ânima Index is the assumption that the sophisticated reader benefits from knowing whether the asset's mood is within the normal band or at a historical extreme — without having to infer it from five separate indicators.
How to read it
| Range | Reading |
|---|---|
| ≥ 80 | Extreme optimism — mood historically rare on the positive side |
| 60–80 | Optimism |
| 40–60 | Neutral |
| 20–40 | Pessimism |
| ≤ 20 | Extreme pessimism — mood historically rare on the negative side |
Extremes are not automatic reversal signals. They signal that the current band is uncommon within the history. What follows depends on regime, intermarket, regulatory context.
What it does not mean
It is not a buy or sell signal. Ânima says market mood is ceasing to be neutral — it says state, not action.
It is not a copy of the US Fear & Greed. The variables and calibration are proprietary, adjusted to the Brazilian market's particularities (lower depth, more concentrated volume, different seasonality).
Limits
Volume and depth in Brazil demand caution — low-liquidity assets can produce volatile readings. Ânima uses only assets with sufficient depth to sustain the reading. Without minimum volume, Ânima stays in calibration for that asset.
Example
Ânima — PETR4: 72. Band: optimism. Perene Risk Index neutral. The asset shows mood above average, without full confirmation by the aggregate risk appetite.
Ânima does not 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