OPEN-SOURCE SCRIPT
_CM_COT Commercial Net Interest_Upper_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 Trade-Futures.com and 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
-Added Ability to Plot Text Entries when Commercials Switch From Net Long To Short
-Added Optional Background Highlighting when Commercials Switch from Long to Short
-Added Optional Alert Capability If Commercials Go From Net Long to Short
***Additional Indicators and Updates Coming Soon
***Link To Lower Indicator:
tradingview.com/v/aIj1HHPA/
-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 Trade-Futures.com and 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
-Added Ability to Plot Text Entries when Commercials Switch From Net Long To Short
-Added Optional Background Highlighting when Commercials Switch from Long to Short
-Added Optional Alert Capability If Commercials Go From Net Long to Short
***Additional Indicators and Updates Coming Soon
***Link To Lower Indicator:
tradingview.com/v/aIj1HHPA/
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
Coming Soon: ChrisMoodyTrading.com
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.