2C-p = 8.9 and rising from a low of 1.4 on 4/10/25
Invented by Tom Drake, the 2CS-p is the "5 day moving average of the product of the vix and p/c ratio." The scale runs from 0 to 100% with 0% max bullishness and 100% max bearish reading for us contrarians.
To calculate 2C-p, Larbro explains: "Take each day's p/c ratio and multiply it by that days vix. Take the sum of those results for that day and the previous 4 (5 total) and percentage rank them from 0% to 100% in terms of size against all the other data you have. The higher the numbers (5-day sum of p/c x vix), the higher the ranking. Then subtract that % ranking from 100% to "invert" the ranking so that lower 2c-p correspond to lows in the market and vice versa.
Chart of S&P 500 and VIX vs Time
In my case they are ranked from today all the way back to Feb 10, 2003, the earliest I have data for. So, in a nutshell if yesterday's 2c-p was 7.8% (which it is) that tells you that only 7.8% of the sum of the 5-day p/c x vix (aka the 2c-p) is lower than yesterday's value."
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