COT data on the chart.

You do not know which direction to keep for trading. The positions of the major market participants are graphically displayed in our COT tool. Here you can see the direction of the trade and receive the necessary COT signals.

How it works

1.

Select market from the table

2.

Analyze COT data

3.

Recognize trends

COT report online with free charts

How To Trade Using COT Report see moreGet a free advice
Last Trades: CANADIAN $ +$520 NEW ZEALAND $ -$690 see more
The COT report is published by the CFTC on Friday about 15:30 CET. The data shows positions as of Tuesday’s close. Info below has been updated 02/23/2024 after market closure and contains the newest CoT report.
* Click on the futures symbols to draw the chart!
Week to:
02/23/2024
Price change, % Trend Commercial Large Speculators Small Traders Open Interest Net Positions - Commercials 26-weeks Position Extremes Commercial COT Index
Long Change Short Change Long Change Short Change Long Change Short Change Value Change,% Net Change Change,% High Low
Indices
S&P5001.58%Same icon1 722 121-15 9021 578 768-6 743271 870-20 596490 400-17 844262 1127 373186 935-4 5382 322 953-1%143 353-9 159-6%161 838-34 73691%
NASDAQ1.35%Same icon148 596-6 565181 028-11 34692 445-4 84766 8841 66842 4601 47635 589-258287 130-3%-32 4324 781-13%1 646-47 89331%
RUSSELL-0.97%Same icon407 6231 652387 896-1 90759 033-1 75083 238-1 99630 904-1 80926 4261 996503 407-1%19 7273 55922%72 636-31 97649%
DOW E-MINI1.28%Same icon53 58476972 482-3 44932 293-37215 5653 26914 754-1 11312 584-536102 374-1%-18 8984 218-18%42 559-26 35111%
Bonds
30-YR T-BONDS0.63%Same icon1 008 905-20 789965 006-5 625185 825244280 619-18 333206 932979156 0374 3921 417 135-1%43 899-15 164-26%210 30343 8990%
10-YR T-BONDS0.10%Same icon3 724 77011 1523 066 31741 268477 012-12 5931 206 078-44 046428 886-3 134358 273-1 7974 819 4932%658 453-30 116-4%822 775467 00154%
Currencies
DOLLAR INDEX-0.28%Same icon5 6257098 75165618 732-2 36417 186-1 9083 9162412 336-16229 958-7%-3 12653-2%-739-20 77288%
EURO FX0.38%Same icon416 183-21 083505 634-3 896213 1942 346145 178-12 83277 95796056 522-1 049722 299-2%-89 451-17 18724%-72 264-188 92985%
SWISS FRANC-0.06%Same icon37 4555 30717 97991113 03634722 9594 2569 413-65818 966-17160 0309%19 4764 39629%30 33327364%
BRITISH POUND0.57%Same icon72 901612121 9072 73587 602-2 94341 2901 21730 0144 88727 320-1 396199 2750%-49 006-2 1235%35 439-56 6098%
JAPANESE YEN-0.34%Same icon199 0614 99473 207-5 68853 862-4 692174 6404 55041 618-1 57146 694-131305 4380%125 85410 6829%133 27252 65991%
CANADIAN DOLLAR-0.16%Same icon88 205-3 98386 8601 63037 1081 41037 971-3 20929 192-1 05129 674-2 045157 666-2%1 345-5 613-81%77 698-4 2007%
AUSTRALIAN DOLLAR0.47%Same icon131 6943 22939 0831 60349 1001 695130 9754 59419 3751 05530 111-218205 6563%92 6111 6262%110 01221 07080%
NEW ZEALAND $ 1.18%Same icon14 341-1 32722 1401 96719 75812613 132-3 0934 580-2393 407-31440 950-2%-7 799-3 29473%24 301-7 7990%
MEXICAN PESO-0.31%Same icon102 096-536203 426-4 248141 528-5 64845 533-1 1998 0616542 726-83254 486-4%-101 3303 712-4%-33 883-105 0425%
Energy
CRUDE OIL-2.13%Same icon623 393-21 128840 8674 844323 54815 474131 647-5 35579 2462 58553 673-2 5581 662 234-3%-217 474-25 97214%-175 326-381 94680%
GASOLINE-2.29%Same icon187 8612 905260 800-302105 2972841 9242 99124 354-1 10214 788-858390 5861%-72 9393 207-4%-36 853-83 37422%
HEATING OIL-5.94%Same icon174 260-10 156212 579-17 89461 389-30741 9651 86548 879-1 91529 9843 651364 397-4%-38 3197 738-17%-38 319-69 894100%
NATURAL GAS5.12%Same icon567 79115 011452 247-1 053356 33421 830510 20639 14581 7683 28543 4402 0341 592 4602%115 54416 06416%115 54433 460100%
Metals
GOLD1%Same icon106 419-3 110265 8303 321211 034-6 47170 772-15 56541 846-2 38222 697281407 063-3%-159 411-6 4314%-90 428-235 47852%
SILVER-2.13%Same icon45 507-2 04983 4526 20857 58279735 205-9 15530 394-1 76014 826-65146 584-4%-37 945-8 25728%-26 218-52 62256%
PLATINUM-0.84%Same icon19 626-4 22334 0972 01952 5052 18744 010-4 3709 191-1 1783 215-86387 861-6%-14 471-6 24276%-2 365-32 85060%
PALLADIUM2.63%Same icon13 858-8621 301-3774 46514816 918-9101 733-5751 837-224 726-11%12 557-485-4%13 0428 19890%
COPPER1.23%Same icon89 887-10 52673 6793 69279 9411 71295 883-15 04316 243-1 04616 5091 491229 777-11%16 208-14 218-47%30 426-11 63866%
Grains
SOYBEANS-2.56%Same icon476 36420 135304 61620 025100 97614 001261 26412 53852 352-54663 8121 027804 9195%171 7481100%171 920-73 690100%
SOYBEAN MEAL-3.10%Same icon247 4972 958218 3472 53887 2677 530132 7207 51647 872-47931 569-45500 9371%29 1504201%29 150-155 771100%
SOYBEAN OIL-2.26%Same icon271 182-4 586238 655-11 650107 9102 208141 85111 53327 82914926 415-2 112555 4850%32 5277 06428%34 664-68 72198%
CORN-0.66%Same icon738 2567 278455 788-11 686282 5491 335548 61621 463162 3004 877178 7013 7131 600 980-1%282 46818 9647%282 46879 380100%
WHEAT1.42%Same icon145 8071 83896 201-14 008124 169-740168 80814 89231 3371 48436 3041 698396 4700%49 60615 84647%98 64533 76024%
ROUGH RICE3.41%Same icon2 523-729 4313656 2781131 339-673 0892141 120-4312 2571%-6 908-4377%-2 643-7 1205%
Softs
COTTON-0.98%Same icon88 447-5 058191 9445 874118 28815 92823 1954 77016 722-1 2308 318-1 004265 1754%-103 497-10 93212%-3 342-103 4970%
COFFEE-3.38%Same icon74 712-9 686131 312-14 52878 875-3 60423 0126177 412-1 4936 675-872206 496-8%-56 6004 842-8%20 774-61 4426%
COCOA19.08%Same icon76 177-9 238128 774-11 46389 680-5 88241 554-4 65715 889-55311 418447250 109-8%-52 5972 225-4%-52 597-91 617100%
SUGAR-3.41%Same icon461 062-32 014558 755-46 459184 1744992 48451471 375-3 70665 37210 274848 563-4%-97 69314 445-13%-81 568-297 72593%
ORANGE JUICE3.15%Same icon3 279105 3184573 4601271 882-4772 075-401 6141179 0561%-2 039-44728%-388-3 81352%
Meats
LIVE CATTLE0.19%Same icon106 523-1 500163 6496 638106 4758 83644 59555030 961-89835 715-750290 5631%-57 126-8 13817%-22 619-83 32443%
FEEDER CATTLE3.53%Same icon16 12511112 945-23314 86783111 1314288 756-59515 67215252 7923%3 18034412%5 445-2 26471%
LEAN HOGS2.29%Same icon81 580-1 36793 17713 47382 76211 83466 266-3 08318 96348923 862566225 3796%-11 597-14 840-458%34 468-11 5970%
Other
BITCOIN-1.13%Up icon1 86234866029819 62447721 7226541 724-1828-12825 5303%1 202504%1 387-2 54395%
VIX FUTURES-3.34%Up icon152 747-14 634109 259-3 45174 671-1 835113 742-13 73025 470-83829 887-126341 280-6%43 488-11 183-20%60 40318 71359%
Source from CFTC. Release Schedule of COT report. Download Excel. Download PDF.
* Click on the futures symbols to draw the chart!

COT Report Online With Free Charts

What is the “COT Report” and what exactly does it tell us? How do we evaluate it and how do we use COT data for our trading preparation? This article will give you the answers to those questions.

What is the Commitments of Traders (COT) report?

The Commitments of Traders (COT) report is an exchange report that is published weekly by the American Commodity Futures Trading Commission (CFTC).

The CFTC was created by the US Congress as an independent authority in 1974.

It has the mandate to regulate the commodity and options markets in the United States. Through this oversight, the CFTC ensures that the futures markets perform two important functions: pricing in the commodities sector and reducing price risk in the futures and options market.

The report presents the US futures as transparent financial instruments and thereby creates fair competitive conditions for all large and small traders on the futures markets.

It is usually published at market close (at 21:30 CET) on a Friday on the CFTC website and presents the positions of the market participants subject to reporting requirements. These positions are reported by brokers to the CFTC for analysis and verification. The data refers to the market situation at market close on Tuesday of the relevant trading week.

What information does the report offer?

Firstly, one thing must be clarified: There is no ONE COT report. Instead, there are a number of different formats that have evolved over time since the beginning of reporting. They also highlight special areas of the futures markets, such as the Traders in Financial Futures report (TFF), which covers traders in financial futures contracts such as currencies, US Treasury securities, Eurodollars, stocks, VIX or the Bloomberg Commodity Index.

In this article, I will deal exclusively with the Legacy Report, the report originally broken down by exchange and, specifically, we will regard the “Futures Only” report, not the “Futures and Options Combined” report.

After downloading the current report from the website of the CFTC, you will see the following picture. (click on the graphics to zoom)

The long and short positions of the three groups of market participants can be seen (note: a special feature is the “spreads” value of the group of non-commercials, which we are not interested in at the moment). The report also shows the total open interest in this market.

CFTC Commitments of Traders Short Report – CBT (Futures Only)

Fig. 1: CFTC Commitments of Traders Short Report – CBT (Futures Only)

What groups of market participants can we find in the COT report?

There are two major groups of market participants active in the market: commercials and non-commercials. Non-commercials are also known as large speculators. These two groups are the reporting agent traders, known as reportables. The third group, the non-reportables (often referred to as small speculators or small traders) is calculated by subtracting the total number of long or short positions in the reportables from the total open interest.

Commercials aka the hedgers

The term “commercials” refers to market participants who operate on the futures markets primarily for hedging purposes. Another term for commercials is hedgers. They are typically manufacturing or processing companies that wish to hedge against price fluctuations on the futures market in order to avoid dependence on commodity prices. Commercials do not speculate. They want to protect themselves by opening positions against price expectations.

A commercial produces a product and therefore has a larger stock of the product, or needs the product for his business. Commercials could be, for example, large agricultural cooperatives or multinational production companies (Nestle, Procter & Gamble, etc.)

Non-commercials aka the large speculators

The non-commercials are different. These are the market participants who conduct speculative transactions on a large scale. Typically, this would be the institutional traders, hedge funds or large investment banks, all of whose positions exceed the limit of the reporting obligation.

Non-reportables aka the small fish

The figures for non-reportables are calculated by deducting the totals of the reportables from the total value of open interest. Non-reportables are those market participants who are not subject to reporting requirements, in other words, they are “small traders like you and me”. However, they could also be trading companies (small banks, trading houses), which do not exceed the defined limits on traded contracts.

How do we use the report for our trading?

The report is analyzed for the net positions

We use the COT report as a source of basic information for our actions. However, in the form in which it is available from the CFTC site, it is not very helpful. Compare it to Figure 1, where the raw data must first be evaluated. Let’s take a look at the net positions of the commercials.

The result comes from the difference between the long and short positions of the report. From the example above, we can see:

Net position = 113,175 – 128,957 = – 15,782

which means 15,782 contracts net short

We then present these net values graphically in order to get an overview of the development, and especially the changes of the positions.

Significance of the net positions in terms of the commercial index

After calculating the net positions, we are already one step further, but have not yet reached our goal. The net position itself does not tell us anything about how the commercials have actually positioned themselves. If we only know that the commercials are 15,782 contracts short this week, that does not help us much.

How should this figure be interpreted? Are the commercials now extremely short or are they actually in their normal short range?

We need an indicator that lets us evaluate this figure. And we get it by relating the current position to the positions over a certain period. So, we calculate an index that allows us to evaluate the current position as a percentage:

We calculate the commercial index (as a fixed period, we are looking at three years here):

COT Commercial index as a formula

Fig. 2: COT Commercial index as a formula

With the help of this calculation, we now have some informative value of the current net position, which serves as the basis for our trading.

Why do we pay so much attention to the commercials?

Commercials produce commodities and supply the world market with them. Or they need the commodities in large quantities for their business. The existence of these people depends on the commodities, and of course on the commodity prices. Because of their direct link to commodities, the commercials will predict future price developments much earlier than other participants in the market – and hedge against them.

Commercials usually trade counter cyclically. Their positions allow an inference to be drawn about the expected market movement. This data does not serve as a timing instrument, however!

In other words: Just because the commercials are now moving extremely short does NOT mean that we’re going to go short tomorrow. But it is an indication of a market situation that tends to change. It is now advisable to analyze this market and watch it closely, because there may be movement here soon, which we can then use to our advantage.

Soybeans, Pricechart and COT-Data

Fig. 3: COT Commercial index as a formula

A specific example: Soybeans 12/2018 – 11/2019

You can see the price on the soybeans market and the net positions of the three groups of participants (weekly chart). Look at the net positions of the commercials (red line) and the soya beans price at points A and B and the subsequent price development.

What features would you like to see next?

We want our tools to be the best on the market and we would appreciate your insights on potential enhancements. Please, share any ideas you have that we could potentially integrate.

Thank you for sharing your idea!

We will thoroughly review it and explore the possibility of incorporating it into our tool.

Disclaimer

Futures, foreign currency and options trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing one’s financial security or lifestyle. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results.

CFTC Rules 4.41 - Hypothetical or Simulated performance results have certain limitations, unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not been executed, the results may have under-or-over compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profit or losses similar to those shown.

your feedback Scroll to top