MetaCOT 2 COT Index MT5
MetaCOT 2 is a set of indicators and specialized utilities for the analysis of the U.S. Commodity Futures Trading Commission reports. Thanks to the reports issued by the Commission, it is possible to analyze the size and direction of the positions of the major market participants, which brings the long-term price prediction accuracy to a new higher-quality level, inaccessible to most traders.
These indicators, related to the fundamental analysis, can also be used as an effective long-term filter when entering a medium-term position. For this, they should be combined with a classic price analysis.
COT Index is the most popular, efficient and the simplest indicator for determining the extreme overbought and oversold points of the market. It is calculated on the basis of data on the net trader positions taken from the COT report (Commitments of Traders) by the Stochastic oscillator formula. The values of the indicator from 0% to 20% and from 80% to 100% point at the moments of the extreme overbought and oversold state market, signaling the frequent reversal of the price after reaching these levels. The calculation is based on net positions of commercial, non-commercial and non-reportable traders, as well as the open interest.
Find out more details on the usage methods of this indicator in the book by Larry Williams: Trade Stocks and Commodities with the Insiders: Secrets of the COT Report", and also in the article Meta COT Project - New Horizons for CFTC Report Analysis in MetaTrader 4.
Below are the indicator parameters and their description:
- Source of Report - COT report type. There are two types of report: 'Futures Only' and 'Futures And Options';
- Group of Traders - Group of COT report participants. Includes the groups listed above;
- Release Day - set the day to refresh the indicator. At the default value, 'Release by Friday', the indicator updates its values on Friday (day of data release). At the value 'Release by Tuesday' - on Tuesday (day of data receipt).
- DataType - select data to plot the indicator. At the default value, 'Contracts of Traders', the indicator calculates its values based on the number of contracts, at the value 'Number of Traders' - based on the number of traders.
- Subgroup of Traders - Subgroup of the participants. Divided into All, Old and Other;
- Period of COT Index - Period of COT Index calculation. Recommended values: 25, 52 and 156 weeks;
- Auto Detect Report Name - If this parameter is set to 'true', the indicator automatically downloads the report, corresponding to the market symbol it is running on. If no report corresponding to the current symbol could be identified, then the default report is downloaded, that is specified in the Report Name parameter;
- Report Name - The name of the report to download if the Auto Detect Report Name parameter is set to 'false'. The name of one of the MetaCOT database files without its extension must be specified as the report name;
- Mirror Mode - Mirror mode of the indicator. If true, the indicator maximums become minimums, and minimums become maximums.
This indicator can be combined with other indicators of the MetaCOT series, also to display several participant groups in one common subwindow of the indicator. This achieves a high degree of flexibility in conducting fundamental and technical market analysis. It is important to understand that this indicator is best used in conjunction with other indicators of the MetaCOT series, thereby producing the most accurate and comprehensive analysis of the fundamental picture of the market.
The indicator operation requires the CFTC reports to be downloaded and installed on your computer, which can be done with a special report installation utility - MetaCOT 2 Install CFTC Reports MT4.
More details on the description of the indicator settings can be found in the blog "MetaCOT 2: Settings and Possibility".
- Starting from this version, a new utility for downloading reports is available - MetaCOT Data Provider.
This utility work as Win32 system tray application and download CFTC reports in background mode. If you
use this utility you can make auto update reports from MetaCOT indicators and don't use 'MetaCOT Install CFTC
- 'MetaCOT CFTC Install Reports' tool was upgraded. Now, it contains the new help system. Its general window also was
changed. Now, this window contains information about the status of the connection, a status of the database
(outdated or not) and status of MetaCOT Data Provider Win32 until (install or not).
If this util available 'MetaCOT CFTC Install Reports'
load local files and parse it.
- MetaCOT indicators and Toolbox Library began to contain inner COT data for the most basic symbols. This data can
use if MetaCOT wasn't installed. This option is useful in the strategy tester if the installation was not performed.
- All indicators began to contain the system of update data (mini tool based on 'MetaCOT CFTC Install Reports').
If you use MetaCOT Data Provider utility, you can update reports automatically and don't use 'MetaCOT Install CFTC
Reports'. For this case, you need switch on new parameter 'AutoUpdate' in position true.
- Added parameter 'Not Show Continues Data'. If this flag is enabled - last unknowing values are empty. Otherwise
last unknowing values continue.
- Added control for bad combination parameter. If you select nonreportable group of trades and also select Data Type
as 'Number of Traders' you will see message 'Incorrect combination of parameters'.
- Removed parameter 'Data Type' for Largest COT indicators group. This parameter not effect for largest traders.
- Fixed a bug in strategy tester. When any indicators were started in strategy tester it's valued was intermittent.
- Fixed a bug that caused an error 'invalid pointer access' in some cases
- Now all MetaCOT indicators and ToolBox Library contain additional GUI forms and MessageBox for more user friendly.
The work of indicators has become clearer.
Version 2.52 (018.08.28):
- Fix empty indicator in strategy tester
- Fixed the error that caused the data to be redownloaded, even if the data have been downloaded earlier. This error caused a significant slowdown of the indicator operation in the strategy tester and loaded the computer hard drive.
- Now, all indicators are compiled from the source codes of MetaCOT ToolBox. A common code base prevents errors in individual indicators and further synchronizes the code management.
Presumably fixed the bug with the 'CFTC DATA NOT FIND' (report files not found) message appearing. While in fact the report files are installed on the computer.
- Added the new Data Type parameter. It allows selecting the data source. At the value 'Contracts of Traders', the indicator downloads the information on the number of traders' contracts. At the value 'Number of Traders', the indicator downloads the information on the number of traders holding the corresponding position.
- Added an error message displayed in the indicator window if the data with the CFTC reports were not found or if MetaCOT CFTC Install Reports is not installed.
- Fixed the indicator crash that occurred when attempting to download a non-existing report.
- The indicator threshold value levels can be changed at Levels tab of the settings window.
- Normalized the indicator parameters. Now, the main parameters are at the top. Fine tuning and extra features parameters are at the bottom. These additional parameters form PROFESSIONAL SETTINGS group.
- Fixed internal array initialization. In previous versions, this sometimes caused errors hiding the indicators from a chart.
- Now, oscillators automatically scale within -10 to +110%. This helps to set up more correct view of the indicators right at the first start of the indicator since the lines do not cross the top and bottom window borders.
- Switched to classic display of the indicator levels. Now, it is possible to place them at arbitrary levels, as well as change their colors and line types.
- Fixed indicator reset error after the terminal restarts. Now the restart of the terminal runs smoothly.
- Fixed the indicator operation in the strategy tester. Now the indicator is plotted dynamically in the visualization mode.
- Improved the indicator value update system. Now, if the reports are updated via CFTC Reports, the indicator automatically downloads the new values, and there will be no need to restart the indicator.