I've re-imagined the visuals in order to display F&G data differently to the more traditional versions of the indicator floating around, as well as adapting it's calculations and reference assets for use with Crypto markets.
It's aim is to show the current status / mindset of market participants at a quick glance. When there is a lot of fear in the market it is usually a good time to look for buying opportunities. On the flip side you can use it to spot selling opportunities when there is too much greed / FOMO in the markets.
This indicator has the option for Traditional and Crypto markets. The Traditional option uses the tickers VIX and GOLD as part of it's calculations, where as Crypto uses BVOL24H and BTC.D in order to base it's decisions off of more relevant data.
There are also 10 levels of smoothing so play around with that to get the desired result. Depending on the asset you are looking at, smoothing of 1 or 2 may work much better than 5+
Have a play around, customize it, use it and let me know what you think.