MetaCOT 2 Absolute Position COT MT4
- Indicators
- Vasiliy Sokolov
- Version: 2.61
- Updated: 7 August 2023
- Activations: 5
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.
The indicator of absolute positions shows the dynamics of the open positions or the number of traders in each participant groups of the classic COT report (Commitments of Traders). It includes the following groups:
- Cumulative Open Interest of all market participants (Open Interest);
- Long position or the number of non-commercial traders (Non-Commercial Long);
- Short position or the number of non-commercial traders (Non-Commercial Short);
- Position of non-commercial traders or their number, that is covered (Non-Commercial Spread);
- Long position or the number of operators (Operators Long);
- Short position or the number of operators (Operators Short);
- Long position of non-reportable or small traders (Nonreportable Long);
- Short position of non-reportable or small traders (Nonreportable Short).
Often the extreme values of one of the group members are the harbingers of the global market reversal. This indicator shows these values, indicating the potential reversals in the future. Find out more details on how to use 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 Thuesday' - 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 - The mirror mode of the indicator, if true, the indicator maximums become minimums, and minimums become maximums.
Since the indicator displays the "raw" data published in the COT report, it can also be used for building your own derived indicators and analytical tools. In addition, it 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".
I have bough ALL of Vasiliy's COT indicators for MT4. In the beginning they were working nicely but from February I can't get the expert to update the data and Vasiliy is not responding. Thus I give this a 1-star until I receive a meaningful response from him.