_CM_COT Commercial Net Interest_V1
Overview.
-This is the Beginning of a Educational Series from Jake Bernstein to the TradingView Community.
-Many Traders use the COT Data Incorrectly.
-Jake Discovered if You Look at the Net Commercials and Take Note When Commercials net Buying is Either At All Time Highs, Or Net Buying = Longest Period of Buying Look for an Extreme Move To the Upside.
-In The Future We Will Show Precise Entry Signals…But a Basic Entry Signal Is When Commercials Go From Net Long to Net Short.
-Full Credit in Methodology goes to Jake Bernstein at www.Trade-Futures.com and www.2Chimps.net
Thought Process:
-Commercials Represent Large (Typically Billion Dollar) Companies.
-Take Note - When Commercials Are Buying at Record High
-Take Note - When Commercials Are Buying For Record Long Periods of Time
***Note…Commercials Can Buy For Extended Periods Dollar Cost Averaging…
***Basic Entry Listed In Overview.
***More Precise Entries Will Be Introduced Soon.
Indicator Shows Net Commercials
-Full Credit goes to Greeny for Creating Original Code. I only made slight modifications.
Modifications include
-Took Off Net Long and Short Individual Plots
-Added Optional Background Highlighting when Commercials Switch from Long to Short
-Added Optional Alert Capability If Commercials Go From Net Long to Short
-Ability to Show INVERSE - This makes it Easier for some Traders to See…Since the Signals look similar to MacD/RSI Type Indicators.
***Additional Indicators and Updates Coming Soon
***Link To Upper Indicator:
-This is the Beginning of a Educational Series from Jake Bernstein to the TradingView Community.
-Many Traders use the COT Data Incorrectly.
-Jake Discovered if You Look at the Net Commercials and Take Note When Commercials net Buying is Either At All Time Highs, Or Net Buying = Longest Period of Buying Look for an Extreme Move To the Upside.
-In The Future We Will Show Precise Entry Signals…But a Basic Entry Signal Is When Commercials Go From Net Long to Net Short.
-Full Credit in Methodology goes to Jake Bernstein at www.Trade-Futures.com and www.2Chimps.net
Thought Process:
-Commercials Represent Large (Typically Billion Dollar) Companies.
-Take Note - When Commercials Are Buying at Record High
-Take Note - When Commercials Are Buying For Record Long Periods of Time
***Note…Commercials Can Buy For Extended Periods Dollar Cost Averaging…
***Basic Entry Listed In Overview.
***More Precise Entries Will Be Introduced Soon.
Indicator Shows Net Commercials
-Full Credit goes to Greeny for Creating Original Code. I only made slight modifications.
Modifications include
-Took Off Net Long and Short Individual Plots
-Added Optional Background Highlighting when Commercials Switch from Long to Short
-Added Optional Alert Capability If Commercials Go From Net Long to Short
-Ability to Show INVERSE - This makes it Easier for some Traders to See…Since the Signals look similar to MacD/RSI Type Indicators.
***Additional Indicators and Updates Coming Soon
***Link To Upper Indicator:
Coming Soon: www.ChrisMoodyTrading.com
//Created by ChrisMoody on 3-30-2015
//Shows Net Commercials
//Full Credit goes to Greeny fo rcreating original code. I only made slight modifications.
//Modifications include - Taking away Net Longs and Shorts, Adding Background Highlighting when Commercials go from Long to Short
//Methodology Is from Jake Bernstein at www.Trade-Futures.com and www.2Chimps.net
study("_CM_COT Commercial Net Interest_V1", shorttitle="_CM_COT Commercial Net Int_V1", precision=0)
force_root = input("", title="Override Product")
is_includeoptions = input(false, type=bool, title="Include Options")
si = input(false, type=bool, title="Show Inverse")
sbc = input(false, type=bool, title="Color Price Bars?")
sbg = input(true, type=bool, title="Show Background Highlight when Commercials Change From Buying to Selling?")
sa1 = input(true, type=bool, title="Alert If Commercials Change From Buying to Selling?")
fxroot =
ticker == "USDCAD" ? "CD" :
ticker == "USDCAD" ? "CD" :
ticker == "USDCHF" ? "SF" :
ticker == "USDCZK" ? "CZ" :
ticker == "USDHUF" ? "FR" :
ticker == "USDILS" ? "IS" :
ticker == "USDJPY" ? "JY" :
ticker == "USDMXN" ? "MP" :
ticker == "USDNOK" ? "UN" :
ticker == "USDPLN" ? "PZ" :
ticker == "USDRUB" ? "RU" :
ticker == "USDSEK" ? "SE" :
ticker == "USDZAR" ? "RA" :
ticker == "EURUSD" ? "EC" :
ticker == "AUDUSD" ? "AD" :
ticker == "GBPUSD" ? "BP" :
ticker == "NZDUSD" ? "NE" :
ticker == "BRLUSD" ? "BR" :
""
root = force_root == "" ? fxroot == "" ? syminfo.root : fxroot : force_root
code = root + (is_includeoptions ? "_FO_L_ALL" : "_F_L_ALL")
is_inversed =
ticker == "USDCAD" ? true :
ticker == "USDCAD" ? true :
ticker == "USDCHF" ? true :
ticker == "USDCZK" ? true :
ticker == "USDHUF" ? true :
ticker == "USDILS" ? true :
ticker == "USDJPY" ? true :
ticker == "USDMXN" ? true :
ticker == "USDNOK" ? true :
ticker == "USDPLN" ? true :
ticker == "USDRUB" ? true :
ticker == "USDSEK" ? true :
ticker == "USDZAR" ? true :
false
long_total = security("QUANDL:CFTC/"+code+"|4", "W", close)
short_total = security("QUANDL:CFTC/"+code+"|5", "W", close)
//Code for Commercials Net Totals
long = is_inversed ? short_total : long_total
short = is_inversed ? long_total : short_total
net = long - short
//Alert criteria
alert1 = net[1] > 0 and net < 0 ? 1 : 0
//Code for Histogram Color
col= net > 0 ? green : red
plot(si and long-short ? (long-short)*-1 : long-short, color = col, title="Net", style=columns)
hline(0, color=black, linestyle=dashed)
barcolor(sbc and (net[1] > 0 and net < 0) ? orange : na)
bgcolor(sbg and (net[1] > 0 and net < 0) ? lime : na, transp=20)
plot(sa1 and alert1 ? alert1 : 0, title="Alert If Commercials Go From Net Buy to Sell", style=line, linewidth=2, color=lime)