MetaCOT 2 Movement Index MT4
Movement Index was first proposed by Steve Breeze and described in his book "The Commitments of Traders Bible: How To Profit from Insider Market Intelligence". It quickly gained popularity among the traders who analyze the CFTC reports, and became a classic and a unique tool in many aspects, which can be used for finding rapid changes, leading to an imbalance of positions between the market participants.
The indicator displays the change in the relative position of the participants as a histogram, expressed as a percentage. It ranges from -100% to + 100% and is calculated based on the data of the COT Index or Willco Index indicator. The reverse signals appear when the absolute values of the indicator exceed the threshold, set to 40% by default.
While other indicators of the MetaCOT series are trend indicators, the Movement Index is a momentum indicator, i.e. it displays the rapid change in the positions of the market participants. Thus, the indicator becomes indispensable for analysis in conjunction with other indicators of the MetaCOT series. In addition, the Movement Index is not available on other programs which provide access to the CFTC reports. Thus, the MetaTrader platform and the MetaCOT set are the uncontested solution for the comprehensive analysis of the CFTC reports.
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 main 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;
- Calculation On Data - Allows to select one of two indicators as the data for calculation: COT Index (classic option) or Willco Index (advanced option);
- Period of COT Index - Period of COT Index calculation, the indicator used for the calculation of the Movement Index. Recommended values: 25, 52 and 156 weeks;
- Movement Period - the difference between the current COT Index value and the value N periods back.
For advanced users, there are additional parameters that make the indicator configuration more flexible:
- 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;
- 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.
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.
- Internal fixes related to the releases of new versions of MetaTrader and MQL. MetaCOT now fully complies with the new language standard.
- 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.
Starting from the version 2.05, MovmentIndex is able to calculate its values not only based on the COT Index but also based on the Willco indicator.
If the value of the "Calculation On Data:" parameter is set to "Willco Index", the indicator calculates the difference between the current value of the Willco Index and the value N periods ago.
- 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.
- Removed the CriticalValue parameter, that set the boundaries of the critical values. Now the levels are set in the classical way, using the indicator settings window in the "Levels" tab.
- Now the indicator is one-colored. Working with the indicator became more uniform and standard.
- Added new parameter: 'Release Day'. It takes two values: 'Release by Tuesday' - new values of the indicator appear every Tuesday, and 'Release by Friday' (default value), - new values of the indicator appear ever Friday.
- Added new parameter: 'Data Type'. It allows to select 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, which occurred when attempting to download a non-existing report.