Hello there, With this script, you can see CFTC COT Non Commercial and Commercial Positions together. This way, you can analyze net values greater than 0 and smaller, as well as very dense and very shallow positions of producers and speculators.
Green - Non Commercials - Speculators Red - Commercials - Producers
This script is multi time-frame and non-repaint script. Data pulled through Quandl. And the latest version codes have been used.
As time goes by, I will try to make useful modifications to this scheme.
Unfortunately I only get two straight lines when using it on NQ.
vik0q
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@Zefraim, Is not this used only for commodities ? (GC, SI, soybeans, corn, etc)
RBOB
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@vik0q, @Zefraim Hi there no luck for me on the indicators is there a specific set up sequence?
banffstocker
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So how do You actually read this? So commercials are buying or selling? As per this indicator? Thank you
absolutepablo
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hey Noldo, first of all I want to thank you for your many valuable indicators. I am very interested in the COT indicators and may have a suggestion for improvement.
As the open interest grows over time, it leads to wrong conclusions about the true positions of commericals and non-commericals.
For example, if last month the open interest was 1000 and the commercials were net long 100 and this month the open interest is 3000 and the commercials are net long 150, the indicator shows that the commercials are more bullish in absolute terms than last month but in reality they are less bullish in relative terms than before.
So wouldn't it be better to express the positions in relative terms? This should lead to a more evenly oscillating indicator and express the market sentiment more accurately.
Hope to hear from you and wish you all the time good trades
PineCoders
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This publication will be featured in our "Best Scripts of The Month" selection. Thank you for your valuable contribution to the TradingView community, and congrats!