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

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 06/14/2024 after market closure and contains the newest CoT report.
* Click on the futures symbols to draw the chart!
Week to:
06/14/2024
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&P5001.53%Same icon1 606 79872 2411 617 84936 200270 3804 947381 79451 361297 3109 637174 845-7362 266 0965%-11 05136 041-77%161 838-189 95151%
NASDAQ3.40%Same icon149 68710 545149 999-2 17060 79554368 82710 57242 031-1 36133 6871 325258 0025%-31212 715-98%-312-47 893100%
RUSSELL-1.19%Same icon346 0433 790313 615-3 16976 092-9 976114 387-6 03628 529-1 35222 6621 667465 996-1%32 4286 95927%35 892-31 97695%
DOW E-MINI-0.65%Same icon66 1907 48170 6681 76420 277-73117 1134 39112 547-1 70411 233-1 109105 5195%-4 4785 717-56%-4 478-26 351100%
Bonds
30-YR T-BONDS2.47%Same icon1 130 3624 3121 169 7997 490285 394-2 684297 305-6 263204 982-4 048153 634-3 6471 635 9450%-39 437-3 1789%99 054-78 79822%
10-YR T-NOTES1.37%Same icon3 310 315-105 3343 029 62357 629473 54226 329781 234-120 734402 679-3 866375 679-19 7664 308 305-2%280 692-162 963-37%822 775280 6920%
Currencies
DOLLAR INDEX0.56%Same icon6 11126612 77374426 458-34521 445-4713 8372392 188-11338 327-1%-6 662-4788%-305-6 6620%
EURO FX-0.50%Same icon409 00625 583481 351-858187 697-1 260144 05322 96693 97014 26165 26916 476712 8946%-72 34526 441-27%-5 265-157 38656%
SWISS FRANC1.72%Same icon79 1211 58725 2564 5397 698-5350 561-2 95310 891-77621 893-828101 5563%53 865-2 952-5%58 28327392%
BRITISH POUND-0.19%Same icon118 8176 100175 25113 756110 3008 18258 179-72932 264-1 77027 951-515275 4873%-56 434-7 65616%43 560-78 92018%
JAPANESE YEN0.84%Same icon228 80923 97983 1828 24730 763-9 664169 342-3 18640 507-3 90947 5555 345319 2745%145 62715 73212%179 14452 65974%
CANADIAN DOLLAR0.45%Same icon231 56038 11193 499-4637 310-50166 80337 80429 7142 18638 2822 489307 38716%138 06138 15738%138 061-4 200100%
AUSTRALIAN DOLLAR0.76%Same icon125 4538 45363 410-6 66745 540-6 121110 3257 36127 55367524 8112 313212 7967%62 04315 12032%117 54021 07042%
NEW ZEALAND $ 0.62%Same icon24 9885 92336 6929 96433 3763 58522 398-1884 5164583 79019065 78520%-11 704-4 04153%16 239-12 4253%
MEXICAN PESO-1.62%Same icon115 45715 905236 0459 083145 604-8 33926 611-2 6615 556-3193 961825275 2174%-120 5886 822-5%-79 401-144 45337%
Energy
CRUDE OIL4.13%Same icon671 546-20 934931 723-14 388318 183-15 29884 699-38 07779 496-13 01152 8033 2221 755 642-3%-260 177-6 5463%-178 627-337 74749%
GASOLINE1.02%Same icon209 98717 045255 38012 28585 7612 04243 3485 74823 54686320 5661 917399 1086%-45 3934 760-9%-45 393-96 490100%
HEATING OIL4.88%Same icon195 44512 823213 65214 20848 723-7 63638 013-3 95643 7153 71336 218-1 352399 6792%-18 207-1 3858%-16 822-49 99996%
NATURAL GAS-1.74%Same icon536 925-12 423446 174-17 685271 2856 302374 0439 39551 88259639 8752 7651 453 510-2%90 7515 2626%133 02439 53955%
Metals
GOLD1.61%Same icon82 174-1 244342 685-6 664276 769-7 79742 843-4 42150 31150423 7262 548436 857-2%-260 5115 420-2%-152 980-265 9315%
SILVER1.20%Same icon42 4961 216120 833-1 96784 193-4 41132 50130037 4621 66410 817136176 036-2%-78 3373 183-4%-29 688-83 0949%
PLATINUM-0.74%Same icon19 87162142 882-4 49147 463-8 92631 765-2 05810 6901 1533 377-60389 976-7%-23 0115 112-18%-3 266-32 85033%
PALLADIUM-2.51%Same icon15 6981 5332 2352597 262-8021 1761 1622 233-331 782-126 4406%13 4631 27410%13 4638 198100%
COPPER1.16%Same icon73 509-5 740146 800-7 164139 013-3 69977 725-3 86022 984-93810 981647270 090-5%-73 2911 424-2%30 426-81 7178%
Grains
SOYBEANS0.06%Same icon466 998-12 272394 613-13 365132 6264 550188 9718 90650 771-44866 811-3 711809 104-3%72 3851 0932%207 27811 07931%
SOYBEAN MEAL1.97%Same icon188 3582 014300 505-3 167142 409-9 51049 875-4 63646 868-17127 255136483 1062%-112 1475 181-4%56 238-139 80314%
SOYBEAN OIL0.25%Same icon303 783-5 765259 617-17 248116 3841 866165 33514 23231 7356226 950-821565 930-1%44 16611 48335%55 356-1 23980%
CORN-0.11%Same icon684 662-17 804548 9981 781367 95228 808468 9849 907142 474-1 313177 106-1 9971 600 311-2%135 664-19 585-13%282 46840 40539%
WHEAT-2.39%Same icon152 969-10 935124 296-14 063111 810-10 088136 836-3 18334 4431 99038 090-1 787395 778-9%28 6733 12812%61 68414 15931%
ROUGH RICE-0.11%Same icon3 9011915 997-4082 484841 4275012 006-185967-38 5260%-2 096599-22%-866-7 44881%
Softs
COTTON-0.81%Same icon107 97764288 457-11 12863 650-3 74683 7069 61913 7871 05813 251-537223 245-4%19 52011 770152%19 520-112 881100%
COFFEE0.38%Same icon90 3711 612156 338-2 70683 847-1 10120 4023 1039 1761076 654221244 819-2%-65 9674 318-6%-44 991-78 83538%
COCOA-3.68%Same icon51 647-2 05793 210-1 29346 749-1 89411 418-3 58012 396-646 164858141 332-9%-41 563-7642%-32 122-78 48580%
SUGAR2.53%Same icon453 702-15 519457 665785194 9301 119183 860-13 99171 9522 73079 0591 536858 042-3%-3 963-16 304-132%12 341-133 03089%
ORANGE JUICE0.39%Same icon2 1351297 321-2345 517-5041 420-4092 290-3931 201-12510 680-6%-5 186363-7%-388-5 5497%
Meats
LIVE CATTLE3.20%Same icon94 506-2 540138 334-4 598109 839-5 47558 681-2 50028 012-46435 342-1 381275 504-5%-43 8282 058-4%-22 619-66 63252%
FEEDER CATTLE2.73%Same icon15 2676719 14247712 094-1 30414 120-1 2039 677-17713 776-8447 8250%6 1251943%6 7781 29388%
LEAN HOGS0.40%Same icon106 865-2 818100 858-11 69082 5901 67786 72411 35722 58540024 458-408272 402-3%6 0078 872-310%34 468-49 25266%
Other
BITCOIN-5.32%Up icon1 548761 099-723 001-1 46924 139-1 4501 632319439530 503-2%4498323%1 305-1 00863%
VIX FUTURES-0.77%Up icon181 66715 112133 9059 33589 914-5 951138 3521 21231 20097230 524-414430 4322%47 7625 77714%60 40323 47166%
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 picture 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.

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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.

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