The Wojak Index is the percentage of pink wojaks posted on the catalog in basis points. Thus the highest the Wojak Index can ever be is 10,000 (ten thousand), if every image posted on /biz/ catalog at that moment was a pink wojak.
wojak_index = 100 * 100 * pink_wojaks / total_images
For example, if the Wojak Index right now is 251, then 2.51% of OP images on /biz/ are pink wojaks. If all the images on the catalog were pink wojaks, then the Wojak Index would be 10000.
Wojak Index takes into account only the images on the catalog (although the original version tracked all images even the ones within threads) in order to fulfill to Bizonnaci's vision.
Pink wojaks are identified by primarily by color. Expect some false positives (looking at you, Uniswap).
Like the VIX, the WI is mean-reverting, unlike a price chart. It may spike but always returns to a baseline. It is unlikely /biz/ keeps posting pink fields for days. So as a trading indicator, the window of opportunity is short. BTFD or short the dip quickly, no time for hesitation.