COT Charts

The Commitment of Traders (COT) is a weekly report published by the CFTC. It provides the positioning of traders in futures contracts such as currencies, commodities, and cryptocurrencies. The report is published each Friday and represents the breakdown of positions for the week ending on Tuesday. The COT data can be used as a long-term sentiment indicator of the market. It shows the ebbs and flows of the trades and helps you to feel the pulse of the market.

Legacy Report

The legacy COT report has 3 reportable groups:

  • Commercial Traders known as "hedgers"
  • Non-commercial Traders known as "speculators"
  • Non-reportable Traders known as "small speculators"
The “commercial” trader category has always included traders who report that they manage their business risks by hedging in futures. Everyone else is classified as “non-commercial.” It is considered that the data on non-commercial traders has the highest predictable value as this group is represented by hedge funds, commodity advisors, and other large speculators. It's also insightful to understand how extreme their position is relative to the past. Extreme positioning of non-commercial traders can be an early signal of an upcoming reversal.

Legacy Report: Last Update - Feb. 22, 2022

Modern Report

The modern COT report is available for financial futures only. It has 4 reportable groups:

  • Dealers known as the "sell side" of the market
  • Asset Managers represented by investors whose clients are institutional
  • Leveraged Funds known as hedge funds
  • Other Reportables
This is the full definition of Leveraged Funds by CFTC: Leveraged Funds are typically hedge funds and various types of money managers, including registered commodity trading advisors (CTAs); registered commodity pool operators (CPOs) or unregistered funds identified by CFTC. The strategies may involve taking outright positions or arbitrage within and across markets. The traders may be engaged in managing and conducting proprietary futures trading and trading on behalf of speculative clients.

Leveraged Funds is a group of traders that is worth watching as they predominantly trade with leverage with a goal to earn speculative profit.

Modern Report: Last Update - Feb. 22, 2022

COT Index

The idea of COT Index is taken from the popular book "The Commitments of Traders Bible" by Stephen Briese. COT Index convert net positions to a 0 to 100 bullish scale. This number reflects where the current net position ranks as a percentage of its historical range (since 2008).

COT Index = 100 * (Current Net - Minimum Net) / (Maximum Net - Minimum Net)

The COT Index can be useful to understand how extreme is the current positioning of traders.

COT Charts

There are additional charts that help you to analyze the positioning of speculators:

  • The chart at the top shows the net positions with the weekly price of the instrument
  • The chart in the middle shows long and short positions separately
  • The chart at the bottom shows COT Index