Overview. -This is the Beginning of a Educational Series from Jake Bernstein to the TradingView Community. -Many Traders use the COT Data Incorrectly. -Jake Discovered if You Look at the Net Commercials and Take Note When Commercials net Buying is Either At All Time Highs, Or Net Buying = Longest Period of Buying Look for an Extreme Move To the Upside. -In The Future We Will Show Precise Entry Signals…But a Basic Entry Signal Is When Commercials Go From Net Long to Net Short. -Full Credit in Methodology goes to Jake Bernstein at Trade-Futures.com and 2Chimps.net
Thought Process: -Commercials Represent Large (Typically Billion Dollar) Companies. -Take Note - When Commercials Are Buying at Record High -Take Note - When Commercials Are Buying For Record Long Periods of Time ***Note…Commercials Can Buy For Extended Periods Dollar Cost Averaging… ***Basic Entry Listed In Overview. ***More Precise Entries Will Be Introduced Soon.
Indicator Shows Net Commercials -Full Credit goes to Greeny for Creating Original Code. I only made slight modifications.
Modifications include -Took Off Net Long and Short Individual Plots -Added Optional Background Highlighting when Commercials Switch from Long to Short -Added Optional Alert Capability If Commercials Go From Net Long to Short -Ability to Show INVERSE - This makes it Easier for some Traders to See…Since the Signals look similar to MacD/RSI Type Indicators.
Euro Rallies Almost Every Time Commercials Go Net Short...Sometimes Short Term Rally...Some are Significant Rallies!!
More Thought Process To Come.
VonGrorgenwugs
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Please could You be do kind and ad DXY DollarIndex, XAUUSD Gold and XAGUSD Silver, this would be wery helpful.
cristian.d
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Hi Chris, Is it possible to use stocks with it, to include let's say AAPL in the script lines? I apologize if its a silly request
ChrisMoody
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No. There is only COT data on futures. The script above just allows you to use Forex symbols based on currency futures. There is no way to know what the data is for single stocks...it's not reported.
Algyros
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Once again, many thanks.
Is the above script only useful for currency futures, or would it also be applicable to equity futures (i.e., ES, NQ, etc.)?
sofearnot
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@Algyros, If you look at the Code, it is Currencies Only.
sammypi
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Hi Chris Moody, I love your Indicators so much. They re just amazing. One thing I'm missing to the Cot Indicator are the Grains Futures like Soybean (ZS), -oil(ZL), -meal(ZM), Wheat(ZW), Corn(ZC), and to metals Palladium(PA) is not available. I would be very delighted if that would be possible to set up this futures. Best regards
More Thought Process To Come.