Confidence Index Detail

How the index is calculated

Starts at a neutral 50; the four components are added directly to give a 0–100 score, with no cross-day smoothing and no all-time-high scaling:

• Trend structure ±30: the KRX close relative to its 20-day and 60-day moving averages, the slope of the 20-day average, and the drawdown from the 60-day high. Once the ADR has 20 trading days of history, it is blended 65% KRX / 35% ADR. Falling below the averages, a rolling-over 20-day average or a drawdown beyond 8% all subtract.
• Short-term momentum ±10: the change over the last 5 trading days. A single day's move is not scored directly, so one rebound or one sell-off cannot swing the index on its own.
• Volume confirmation ±5: 5-day average volume vs the 60-day average. Heavy volume on the way up adds, heavy volume on the way down subtracts; thin volume stays near zero.
• Premium deviation ±5: the ADR premium relative to its own 60-trading-day median. The premium has sat high for a long time, so only a move away from its norm says offshore money is keener or more cautious than usual.

Bands: 80+ very strong, 60–80 strong, 40–60 neutral, 20–40 weak, below 20 very weak. Each component is tanh-compressed, so the score stays within 0–100. The change shown compares with the score 5 trading days ago; the MA markers track the KRX close against its 20-day and 60-day averages.

This composite describes the current trend state. It is not a forecast and not a buy or sell recommendation.