MDS / RISK-ON / OFF
Risk-on / Risk-off - risk appetite
What it measures
Risk-on means investors are more willing to take risk. Risk-off means they seek to reduce it. These are market regimes, not a single official indicator.
Why traders follow it
Look for agreement across markets, not a single candle. Gold can also fall during stress when investors need cash. A regime label does not replace checking price and liquidity.
Check the country, period and source. A single value or regime label does not determine a trade's direction.