Here I will give you a more basic way for the sentiment indicator. It is hidden within this very forum. You have to sum the ideas published here on this forum, in order to have a sentiment indicator. However you have to filter them and filtering is not that difficult. Count the comments (on a particular symbol like USDCAD ) and mark the amount of bull versus bear ideas. Then filter them. The simple filter is to eliminate ideas which present well thought analysis substantiating their view with multiple signals and indicators. These won't help you, as those are mostly correct and common sense ideas. Try to find the ideas which give only just a buy or sell entry or based on just a simple indicator (such as one simple BAT or ). Then create a ratio in between buy and sell. For example if the amount of those simple ideas are leaning more towards Buy then you should prepare to sell (of course after having your proper analysis at the same time) And here we go, you have a fantastic and working Sentiment indicator.
BTW , currently the SP500 sentiment indicator is over 90 Percent SELL. So it may be time to BUY!
Regards and good trades.