INVITE-ONLY SCRIPT
Larry Williams COT Analysis Enhanced [tradeviZion]
Larry Williams COT Analysis Enhanced - Complete Description
📖 Introduction
Welcome to the Larry Williams COT Analysis Enhanced [tradeviZion] indicator. This comprehensive description explains every setting, feature, and capability of this advanced Commitments of Traders (COT) analysis tool.
This indicator implements Larry Williams' professional COT analysis methodology with enhanced features including statistical validation, combination analysis, and adaptive signal generation.
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🎯 Quick Start
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⚙️ Settings Groups Overview
The indicator is organized into 9 logical groups of settings:
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📋 Group 1: Core COT Settings
COT Report Type
What it is: Selects the type of COT report data to analyze.
Trading Use: Most traders use Legacy as it provides the most comprehensive view and works with all asset types. Switch to Disaggregated if you want to analyze managed money positions separately. Use Financial specifically for financial instruments (currencies, bonds, stock indices).
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Include Options Data
What it is: Toggles whether to include options positions in addition to futures positions.
Trading Use: Larry Williams observed no significant difference in COT analysis when including options data. Keep this disabled unless you specifically need options data. Most traders leave it off for cleaner analysis.
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Auto-detect CFTC Code
What it is: Automatically finds the correct CFTC code for your symbol.
Trading Use: Keep this enabled unless you need a specific CFTC code. The script automatically detects codes for:
- Currency futures:
6E1!, 
6B1! , 
6J1!
- Stock index futures:
ES1! , 
YM1! , 
NQ1!
- Commodities:
CL1! , 
GC1! , 
ZC1!
- And many more
Only disable if you're analyzing a symbol that requires a specific CFTC code not in the auto-detection database.
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Manual CFTC Code
What it is: Enter a specific CFTC code manually (e.g. for E-mini S&P 500).Pine Script®
Trading Use: Only used when Auto-detect CFTC Code is disabled. Most users never need this setting.
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📊 Group 2: Analysis Parameters
Display Mode
What it is: Controls what data is displayed on the chart and in the table.
Percentile can exceed 0-100% for extremes
LW Index stays 0-100%
Trading Use:
- Use COT Report for comprehensive analysis
- Use COT Index when you want to focus on extreme sentiment levels
- Use COT Proximity Index as a backup when COT data is delayed or unavailable.
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Analysis Method
What it is: Selects the calculation method for position rankings.
Trading Use:
Pine Script®
Pine Script®
Most traders prefer Percentile for its ability to show when positions break historical ranges.
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Lookback Mode
What it is: Controls how the historical lookback period is determined.
Trading Use: Use Auto unless you have a specific reason to customize. The script automatically sets optimal periods:
Pine Script®
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Manual Lookback Period
What it is: How far back to look for historical comparison. Only used when Lookback Mode is set to Manual.
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Manual Lookback Weeks
What it is: Exact number of weeks to look back. Only used when Manual Lookback Period is set to Manual.
Trading Use: Set a custom period if you want precise control. 18 weeks = approximately one quarter (3 months).
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🎯 Group 3: Signal Generation
Show Signal Arrows
What it is: Displays buy/sell arrows on the chart when extreme positions are detected.
Trading Use: Enable to get visual alerts for signals. Signals use strict multi-factor conditions requiring:
- Commercial extreme positioning
- Speculator positioning alignment
- Open Interest confirmation
- Trend consistency
- And more...
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Show Background Colors
What it is: Colors the chart background during extreme market conditions.
Trading Use: Enable for visual market state awareness:
- Strong signals = Darker background colors
- Moderate signals = Lighter background colors
- Green background = Bullish extreme
- Red background = Bearish extreme
Useful for quick visual assessment of market conditions.
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Use Price Trend Weighting
What it is: Weights signals based on price trend alignment.
How it works:
Pine Script®
Trading Use: Keep enabled for more reliable signals. Commercials aligned with price trend are historically more accurate.
This feature makes signals easier to trigger when commercials align with the trend and harder when they're counter-trend.
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Trend MA Period
What it is: Moving average period for price trend detection.
How it works:
Pine Script®
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📈 Group 4: Plot Display Settings
Commercial Line Settings
What it is: Controls the Commercial traders net position line appearance.
Trading Use: Commercials are considered "smart money." Watch for:
Pine Script®
Red is traditional for commercials. When Commercials are heavy buyers (high index), it's a bullish signal. When they're heavy sellers (low index), it's a bearish signal.
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Non-Commercial Line Settings
What it is: Controls the Non-Commercial (Large Speculators) net position line appearance.
Trading Use: Large speculators are often trend-followers. Watch for:
Pine Script®
They're often wrong at extremes - use as contrarian indicator.
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Small Speculator Line Settings
What it is: Controls the Small Speculators net position line appearance.
Trading Use: Small specs are typically wrong at extremes:
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Exception: In Meats markets, small specs are accurate (like commercials).
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Small Speculator Multiplier
What it is: Multiplies Small Speculator PLOTTED values for visual comparison.
Important: This only affects the visual plot line, NOT calculations or table values. Raw values used in all calculations remain unchanged.
Trading Use: Small spec positions are often much smaller than commercials. Use multiplier (default 5.0x) to scale the line for easier visual comparison.
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Open Interest Line Settings
What it is: Controls the Open Interest line appearance.
Trading Use: Open Interest shows market participation:
Pine Script®
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Scale Open Interest
What it is: Scales Open Interest values to fit chart range.
Important: Only affects plotted lines, not table values. Scaling changes based on lookback period:
- Shorter lookback = More compressed range
- Longer lookback = Wider range
Trading Use: Keep enabled for better visual comparison. Disable if you want absolute OI values.
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Show Reference Lines
What it is: Toggles the display of horizontal reference lines at 0%, 50%, and 100% levels on the chart.
What it shows:
Trading Use: Enable when you want visual reference points for:
Pine Script®
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🔄 Group 5: Smoothing Settings
Smoothing Method
What it is: Selects the moving average type for smoothing data.
Trading Use:
Pine Script®
Smoothing reduces noise but may delay signal detection. Use None for most responsive signals.
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Smoothing Period
What it is: Number of periods for the moving average smoothing.
Trading Use:
Pine Script®
Only used when Smoothing Method is not None.
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Smooth COT Report Plots
What it is: Applies smoothing to COT Report plotted lines (Commercial, Non-Commercial, Small Speculators, Open Interest).
Trading Use: Enable if you want smoother chart lines. Note: Smoothing affects visual display but calculations use raw data unless Smooth COT Index Plots is also enabled.
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Smooth COT Index Plots
What it is: Applies smoothing to COT Index plotted lines.
Trading Use: Enable if you want smoother index lines. Important: When enabled, smoothed values are used in table displays and signal calculations. This affects the "user-facing" index values shown in the table and used for signals.
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📊 Group 6: COT Proximity Index Settings
Proximity Length Mode
What it is: Controls how the proximity index calculation period is determined.
Trading Use: Use Auto for adaptive calculation. Use Manual if you want consistent period regardless of market conditions.
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Manual Proximity Length
What it is: Fixed number of bars for COT Proximity Index calculation. Only used when Proximity Length Mode is Manual.
Trading Use: Set based on your timeframe. 8 bars works well for weekly chart.
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Heavy Buyers Level
What it is: COT Index level above which commercials are considered heavy buyers (extreme long positioning).
Trading Use: This threshold is used for:
- Signal generation
- Market state calculation
- Entry level recommendations
Default 74% means commercials are "heavy buyers" when LW Index ≥ 74%.
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Heavy Sellers Level
What it is: COT Index level below which commercials are considered heavy sellers (extreme short positioning).
Trading Use: This threshold is used for:
- Signal generation
- Market state calculation
- Entry level recommendations
Default 26% means commercials are "heavy sellers" when LW Index ≤ 26%.
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ZigZag Deviation
What it is: Minimum price change (%) required to create a new ZigZag pivot point.
Trading Use:
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Used for Auto proximity length calculation.
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ZigZag Depth
What it is: Minimum number of bars between pivot points.
Trading Use: Higher values filter out minor pivots. Default 1 captures all significant pivots.
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Extend ZigZag to Last Bar
What it is: Draws ZigZag lines to the current bar (may show incomplete patterns).
Trading Use: Enable to see current ZigZag pattern, but be aware it may change as new bars form.
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Show ZigZag Lines
What it is: Displays ZigZag pivot lines on the chart for visual reference.
Trading Use: Enable to see the ZigZag pattern used for proximity index calculation. Useful for understanding how Auto mode works.
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🎨 Group 7: Common Table Settings
Color Theme
What it is: Color scheme for both main and historical comparison tables.
Trading Use: Choose based on your preference:
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Theme applies to both tables simultaneously for consistency.
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📋 Group 8: Main Table Display Settings
Show COT Table
What it is: Toggles the main COT analysis table display.
Trading Use: Disable only if you want to use chart plots only. Most traders keep this enabled for comprehensive analysis.
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Table Mode
What it is: Controls the detail level of the main table.
Trading Use:
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See "Table Modes Explained" section below for details.
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Table Position
What it is: Position of the main COT analysis table on the chart.
Trading Use: Choose based on your chart layout and preference. Top Right is default and works well for most traders.
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Table Text Size
What it is: Size of text in the COT analysis table.
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Section Visibility Controls
What it is: Individual toggles to show/hide specific table sections.
Trading Use: Customize your table to show only what you need:
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Each section can be toggled independently for maximum customization.
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📊 Group 9: Historical Comparison Settings
Show Historical Comparisons
What it is: Toggles the historical comparison table display.
Trading Use: This table shows how current positions rank over different time periods (1M, 3M, 6M, 1Y, 3Y, All Time). Very useful for context.
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Historical Table Mode
What it is: Controls the detail level of the historical comparison table.
Trading Use:
- Full - Comprehensive historical analysis
- Compact - Quick reference, mobile-friendly
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Table Position (Historical)
What it is: Position of the historical comparison table on the chart.
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Table Text Size (Historical)
What it is: Size of text in the historical comparison table.
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Trading Days
What it is: How to calculate time periods for historical comparisons.
Used for both main COT data and COT Proximity Index historical comparisons.
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📊 Table Modes Explained
Full Mode - Main Table
The Full mode displays all available sections:
Best for: Desktop trading, comprehensive analysis, detailed market assessment
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📋 Understanding Each Table Section
This section explains what each part of the main table means and how to use it for trading decisions.
⚙️ Settings Section
Trading Use: Always verify your CFTC code is correct. Wrong code = wrong data = wrong signals.
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📊 Current Positions Section
Shows the actual position sizes for each trader group.
What Each Column Means:
How to Interpret:
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Trading Edge: Watch for extremes in Commercial net positions. When Commercials are heavy buyers (high index ≥74%), it's a bullish signal. When they're heavy sellers (low index ≤26%), it's a bearish signal.
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📊 Open Interest Analysis Section
Open Interest - Total number of outstanding contracts. Shows market participation level.
Change - Week-over-week change in Open Interest. Rising OI = new money entering, Falling OI = money leaving.
Net Changes - Shows which group is driving Open Interest changes. This is Larry Williams' most important insight.
🎯 Critical Question: Who is Driving OI Changes?
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Trading Use:
- Rising OI = New money entering (confirms trend)
- Falling OI = Money leaving (potential reversal)
- Watch WHO is driving OI changes - This is critical
- When Commercials drive OI increases while raising positions in an uptrend = Extremely bullish and very rare - pay attention
- When Commercials exit while OI increases due to Small Specs and Non-Commercials = Market topping signal
Concentration - Shows how much of the market is controlled by the largest traders:
- Top 4 - Four largest traders' share of total OI
- Top 8 - Eight largest traders' share of total OI
Trading Use: High concentration (>30%) means fewer dominant players, potential for volatility. Low concentration means more distributed positions, healthier market.
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📈 Analysis Section
Proximity Index (when in COT Proximity Index mode):
- Value: Current proximity index reading (0-100%)
- Length: Number of bars used in calculation
- Status: Heavy Buyers, Heavy Sellers, or Neutral
Analysis Method - Shows whether you're using Percentile or LW Index calculation.
Small Spec Mode - Shows how Small Speculators are interpreted:
- Contrarian (Traditional) - Small specs are wrong at extremes (default)
- Accurate (Meats) - Small specs are accurate like commercials (for Meats markets)
Market State - Overall market sentiment assessment:
- STRONG BULLISH - Multiple factors aligned bullish, strong buy signal
- MODERATE BULLISH - Several bullish factors, moderate buy signal
- LEANING BULLISH - Slight bullish bias, watch for confirmation
- NEUTRAL - Mixed signals, trade with existing trend
- LEANING BEARISH - Slight bearish bias, watch for confirmation
- MODERATE BEARISH - Several bearish factors, moderate sell signal
- STRONG BEARISH - Multiple factors aligned bearish, strong sell signal
Trading Use: Start your analysis here. Market State gives you the overall picture before diving into details.
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🎯 Trading Edge & Signals Section
Current Signal - Shows which combination is active based on current positioning extremes and its expected accuracy percentage:
- Comm+Spec+OI - All three groups at extremes (highest accuracy)
- Comm+Spec - Commercials and specs at extremes (opposite extremes - Larry Williams' favorite)
- Comm+OI - Commercials and Open Interest at extremes (smart money + participation)
- Commercials - Only Commercials at extreme (smart money indicator)
- Wait - No extremes detected, wait for setup
Entry - Trading signal based on Commercial positioning:
- LONG - Commercials are heavy buyers (≥Heavy Buyers Level), bullish signal
- SHORT - Commercials are heavy sellers (≤Heavy Sellers Level), bearish signal
- Wait - Commercials neutral, no clear signal
Best Setup - Shows the historically highest accuracy combination found in the data:
- Comm+Spec+SmallSpec+OI - All four groups aligned (strongest signal)
- Comm+Spec+OI (All) - Commercials + Speculators + Open Interest aligned
- Comm+Spec+SmallSpec - Commercials + Speculators + Small Specs aligned
- Comm+Spec (Both) - Commercials + Speculators (opposite extremes - Larry Williams' favorite)
- Comm+OI (Both) - Commercials + Open Interest (participation confirms smart money)
- Comm+SmallSpec - Commercials + Small Specs (especially strong in Meats markets)
- Commercials Alone - Commercial positioning only (baseline - smart money indicator)
Trading Use: This is your action center. Focus on Entry signals when Market State confirms. Higher accuracy setups (shown in Best Setup) are more reliable.
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💡 Trading Tips Section
Context-aware insights based on current market conditions.
What You'll See:
Trading Use: Review these tips when analyzing. They provide context-specific information tailored to current conditions.
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📈 Trend Analysis Section
Trend Direction - Overall price trend:
- Bullish - Price trending up
- Bearish - Price trending down
- Mixed - No clear direction
Consistency - How stable the trend is:
- Consistent - Trend is stable and maintaining direction
- Mixed - Trend is unstable, direction changing
- Accelerating - Trend is gaining momentum
Strength - Trend intensity:
- Strong - Powerful trend
- Steady - Moderate trend
- Weak - Weak trend
This Week - Net position change this week (percentage).
Cumulative Change - Total net position change over different periods:
- 4W - 4-week cumulative change
- 13W - 13-week cumulative change (one quarter)
- 26W - 26-week cumulative change (half year)
ROC % - Rate of Change percentage over different periods. Shows momentum.
vs MA - Current net position compared to moving average:
- Positive = Above average (strong positioning)
- Negative = Below average (weak positioning)
Trading Use: Align COT signals with trend direction for higher accuracy. When COT signals align with price trend, signals are more reliable. Counter-trend signals require more confirmation.
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🔄 Market Maker Activity Section
Total Spreading - Percentage of open interest in spread positions (simultaneous long and short in different months).
Percentile - Where current spreading level ranks historically. High percentile = unusual spreading activity.
13W Trend - 13-week trend in spreading activity (+ = increasing, - = decreasing).
Activity Level - Market maker activity intensity:
- High - Very active, expect volatility
- Moderate - Normal activity
- Low - Quiet, less volatility expected
vs 13W Avg - Current activity compared to 13-week average.
Trading Edge - Interpretation of market maker activity:
- High & Rising - Expect volatility, market makers hedging risk
- High & Stable - Active hedging, monitor for changes
- Low & Falling - Reduced activity, potential for directional moves
Trading Use: High market maker activity often precedes volatility. Use this to adjust position sizing and risk management. When spreading is high and rising, expect choppy conditions.
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📋 Understanding Compact Mode Fields
The Compact mode provides essential information for quick trading decisions. Here's what each field means:
State
Shows the overall market sentiment based on combined COT analysis.
Pine Script®
Trading Use: Start your analysis here. Strong signals (STRONG BULLISH/BEARISH) indicate higher confidence setups. Neutral means trade with price trend.
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Entry
Your actionable trading signal based on Commercial positioning.
Pine Script®
Trading Use: This is your go/no-go decision point. Only take trades when Entry shows LONG or SHORT. When Entry = Wait, stay on sidelines until clearer signal develops.
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Comm Index
Commercial LW Index percentage showing where Commercial net position ranks historically.
Pine Script®
Trading Use: Commercial extremes are most reliable. Values ≥74% (heavy buyers/extreme long) = BULLISH signal. Values ≤26% (heavy sellers/extreme short) = BEARISH signal. When Commercials are heavy buyers, it indicates bullish sentiment. When they're heavy sellers, it indicates bearish sentiment.
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OI Status
Open Interest condition showing market participation level and trend.
Pine Script®
Trading Use: High OI with rising trend = strong market participation, confirms directional moves. Falling OI = watch for potential reversals. Low OI = reduced participation, potential for volatility.
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Best Setup
Shows which combination of factors has the highest historical accuracy.
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Trading Use: Higher accuracy values indicate signals with higher historical accuracy. When Best Setup shows "Commercials + Speculators + OI" with high accuracy, it indicates a combination with strong historical performance.
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Trend
13-week cumulative trend direction based on net position changes.
Pine Script®
Trading Use: Align Entry signals with Trend for higher accuracy. When Entry = LONG and Trend = Bullish, signal is stronger. When Entry = LONG but Trend = Bearish, wait for price confirmation before entering. Counter-trend signals require more confirmation.
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Full Mode - Historical Table
The Full historical mode shows:
Best for: Comprehensive historical analysis, understanding long-term positioning
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Compact Mode - Historical Table
The Compact historical mode shows:
Best for: Quick reference, mobile-friendly, focused analysis
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🎯 How to Use Each Feature for Trading
Using Display Modes
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Using Analysis Methods
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Using Signal Generation
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Using Smoothing
Remember: Smoothing affects visual display. Enable "Smooth COT Index Plots" if you want smoothed values in calculations.
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Using Heavy Buyers/Sellers Levels
📖 Introduction
Welcome to the Larry Williams COT Analysis Enhanced [tradeviZion] indicator. This comprehensive description explains every setting, feature, and capability of this advanced Commitments of Traders (COT) analysis tool.
This indicator implements Larry Williams' professional COT analysis methodology with enhanced features including statistical validation, combination analysis, and adaptive signal generation.
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🎯 Quick Start
- Add the indicator to your chart
- The script will automatically detect your symbol's CFTC code and asset type
- Review the main COT analysis table (displayed by default)
- Customize settings based on your trading style
- Review the Trading Edge & Signals section for signal information
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⚙️ Settings Groups Overview
The indicator is organized into 9 logical groups of settings:
- 1. Core COT Settings - Data source and report configuration
- 2. Analysis Parameters - Calculation methods and lookback periods
- 3. Signal Generation - Buy/sell signals and trend weighting
- 4. Plot Display Settings - Visual customization of chart lines
- 5. Smoothing Settings - Data smoothing options
- 6. COT Proximity Index Settings - Price-based proxy indicator configuration
- 7. Common Table Settings - Shared table appearance
- 8. Main Table Display Settings - Main analysis table customization
- 9. Historical Comparison Settings - Historical data table configuration
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📋 Group 1: Core COT Settings
COT Report Type
Options: Legacy | Disaggregated | Financial
What it is: Selects the type of COT report data to analyze.
- Legacy - Traditional COT report format. Recommended for most users. Uses "Commercial Positions" and "Noncommercial Positions" metrics. Shows Commercial, Non-Commercial, and Small Speculator positions in the classic format.
Pine Script® Commercials: "Commercial Positions" Speculators: "Noncommercial Positions" Small Specs: "Nonreportable Positions" - Disaggregated - Separates managed money from other speculators. Uses different metrics than Legacy format.Important: When using Disaggregated report type, the table will still show "Non-Comm" as the label, but the data displayed is actually "Managed Money Positions" (hedge funds and CTAs). The underlying data changes based on your report type selection, even though the table label remains "Non-Comm" for consistency.
Pine Script® Commercials: "Producer Merchant Positions" Speculators: "Managed Money Positions" Small Specs: "Nonreportable Positions"
Where you'll see this data:📊 Current Positions section - The "Non-Comm" row shows Managed Money long, short, and net positions
📊 Open Interest Analysis section - "Non-Comm" net changes reflect Managed Money position changes
📈 Analysis section - "Non-Comm" percentile and LW Index values are calculated from Managed Money positions
Chart plots - The blue "Non-Commercial" line shows Managed Money net positions
Useful when you want to analyze hedge funds (Managed Money) separately from other large speculators. The "Commercial" row will show "Producer Merchant Positions" instead of general "Commercial Positions". - Financial - Designed for financial instruments (currencies, bonds, stock indices). Uses financial-specific metrics.Important: When using Financial report type, the table will still show "Commercial" and "Non-Comm" as labels, but the data displayed is actually "Dealer Positions" (commercials) and "Leveraged Funds Positions" (speculators). The underlying data changes based on your report type selection.
Pine Script® Commercials: "Dealer Positions" Speculators: "Leveraged Funds Positions" Small Specs: "Nonreportable Positions"
Where you'll see this data:- 📊 Current Positions section - "Commercial" row shows Dealer long/short/net, "Non-Comm" row shows Leveraged Funds positions
- 📊 Open Interest Analysis section - Net changes reflect Dealer and Leveraged Funds position changes
- 📈 Analysis section - Percentile and LW Index values are calculated from Dealer and Leveraged Funds positions
- Chart plots - Lines show Dealer and Leveraged Funds net positions
Use this for currency futures, bond futures, and stock index futures. - 📊 Current Positions section - "Commercial" row shows Dealer long/short/net, "Non-Comm" row shows Leveraged Funds positions
Trading Use: Most traders use Legacy as it provides the most comprehensive view and works with all asset types. Switch to Disaggregated if you want to analyze managed money positions separately. Use Financial specifically for financial instruments (currencies, bonds, stock indices).
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Include Options Data
Default: Off (false)
What it is: Toggles whether to include options positions in addition to futures positions.
Trading Use: Larry Williams observed no significant difference in COT analysis when including options data. Keep this disabled unless you specifically need options data. Most traders leave it off for cleaner analysis.
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Auto-detect CFTC Code
Default: On (true)
What it is: Automatically finds the correct CFTC code for your symbol.
Trading Use: Keep this enabled unless you need a specific CFTC code. The script automatically detects codes for:
- Currency futures:
6E1!, 6B1! , 6J1! - Stock index futures:
ES1! , YM1! , NQ1! - Commodities:
CL1! , GC1! , ZC1! - And many more
Only disable if you're analyzing a symbol that requires a specific CFTC code not in the auto-detection database.
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Manual CFTC Code
Default: Empty
What it is: Enter a specific CFTC code manually (e.g. for E-mini S&P 500).
"13874+"
Trading Use: Only used when Auto-detect CFTC Code is disabled. Most users never need this setting.
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📊 Group 2: Analysis Parameters
Display Mode
Options: COT Report | COT Index | COT Proximity Index
What it is: Controls what data is displayed on the chart and in the table.
- COT Report - Shows raw position data (Long, Short, Net positions) plus analysis. Best for detailed analysis. Displays Commercial, Non-Commercial, Small Speculator, and Open Interest lines.
- COT Index - Shows index values based on your selected Analysis Method (Percentile or LW Index). Best for quick sentiment analysis. Displays index lines for Commercial, Non-Commercial, Small Speculator, and Open Interest. Percentile can exceed 0-100% for extremes, LW Index stays 0-100%.
Percentile can exceed 0-100% for extremes
LW Index stays 0-100%
- COT Proximity Index - Shows a price-based proxy indicator. Useful when COT data is delayed or unavailable. Calculates sentiment based on price action patterns.
Trading Use:
- Use COT Report for comprehensive analysis
- Use COT Index when you want to focus on extreme sentiment levels
- Use COT Proximity Index as a backup when COT data is delayed or unavailable.
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Analysis Method
Options: Percentile | LW Index
What it is: Selects the calculation method for position rankings.
- Percentile - Professional approach. Excludes current bar from range calculation. Can show extremes (>100% or <0%) when today's value breaks historical range. More sensitive to recent extremes.
- LW Index - Original Larry Williams method. Includes current bar in range, always 0-100%. Traditional approach.
Trading Use:
Percentile - Better for catching new extremes and recent market shifts
LW Index - Better for traditional Larry Williams analysis
Most traders prefer Percentile for its ability to show when positions break historical ranges.
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Lookback Mode
Options: Auto | Manual
What it is: Controls how the historical lookback period is determined.
- Auto - Automatically sets lookback period based on detected asset type
- Manual - Choose your own lookback period
Trading Use: Use Auto unless you have a specific reason to customize. The script automatically sets optimal periods:
Currencies: 26 weeks
Metals: 13 weeks
Grains: 26 weeks
Stocks/Indices: 13 weeks
Bonds: 52 weeks
Energies: 13 weeks
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Manual Lookback Period
Options: 1 Month | 3 Months | 6 Months | 1 Year | 3 Years | Asset-specific presets | Manual
What it is: How far back to look for historical comparison. Only used when Lookback Mode is set to Manual.
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Manual Lookback Weeks
Default: 18 weeks | Range: 1-500
What it is: Exact number of weeks to look back. Only used when Manual Lookback Period is set to Manual.
Trading Use: Set a custom period if you want precise control. 18 weeks = approximately one quarter (3 months).
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🎯 Group 3: Signal Generation
Show Signal Arrows
Default: Off (false)
What it is: Displays buy/sell arrows on the chart when extreme positions are detected.
Trading Use: Enable to get visual alerts for signals. Signals use strict multi-factor conditions requiring:
- Commercial extreme positioning
- Speculator positioning alignment
- Open Interest confirmation
- Trend consistency
- And more...
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Show Background Colors
Default: Off (false)
What it is: Colors the chart background during extreme market conditions.
Trading Use: Enable for visual market state awareness:
- Strong signals = Darker background colors
- Moderate signals = Lighter background colors
- Green background = Bullish extreme
- Red background = Bearish extreme
Useful for quick visual assessment of market conditions.
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Use Price Trend Weighting
Default: On (true)
What it is: Weights signals based on price trend alignment.
How it works:
Uptrend + Commercials long = Stronger bullish signal
Downtrend + Commercials short = Stronger bearish signal
Counter-trend signals = Harder to trigger (more conservative)
Trading Use: Keep enabled for more reliable signals. Commercials aligned with price trend are historically more accurate.
This feature makes signals easier to trigger when commercials align with the trend and harder when they're counter-trend.
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Trend MA Period
Default: 40 | Range: 1-200
What it is: Moving average period for price trend detection.
How it works:
Price above MA with the MA rising = Uptrend
Price below MA with the MA declining = Downtrend
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📈 Group 4: Plot Display Settings
Commercial Line Settings
Default Color: Red | Default Width: 2
What it is: Controls the Commercial traders net position line appearance.
Trading Use: Commercials are considered "smart money." Watch for:
Extreme long positions (high index ≥74%) = Heavy buyers = BULLISH signal
Extreme short positions (low index ≤26%) = Heavy sellers = BEARISH signal
Red is traditional for commercials. When Commercials are heavy buyers (high index), it's a bullish signal. When they're heavy sellers (low index), it's a bearish signal.
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Non-Commercial Line Settings
Default Color: Blue | Default Width: 2
What it is: Controls the Non-Commercial (Large Speculators) net position line appearance.
Trading Use: Large speculators are often trend-followers. Watch for:
Extreme long = Potential top (contrarian sell signal)
Extreme short = Potential bottom (contrarian buy signal)
They're often wrong at extremes - use as contrarian indicator.
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Small Speculator Line Settings
Default Color: Green | Default Width: 2
What it is: Controls the Small Speculators net position line appearance.
Trading Use: Small specs are typically wrong at extremes:
Extreme long = Potential top (sell signal)
Extreme short = Potential bottom (buy signal)
Exception: In Meats markets, small specs are accurate (like commercials).
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Small Speculator Multiplier
Default: 5.0x | Range: 0.1-20.0
What it is: Multiplies Small Speculator PLOTTED values for visual comparison.
Important: This only affects the visual plot line, NOT calculations or table values. Raw values used in all calculations remain unchanged.
Trading Use: Small spec positions are often much smaller than commercials. Use multiplier (default 5.0x) to scale the line for easier visual comparison.
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Open Interest Line Settings
Default Color: Black | Default Width: 1
What it is: Controls the Open Interest line appearance.
Trading Use: Open Interest shows market participation:
Rising OI = New money entering (confirms trend)
Falling OI = Money leaving (potential reversal)
Watch WHO is driving OI changes - This is critical
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Scale Open Interest
Default: On (true)
What it is: Scales Open Interest values to fit chart range.
Important: Only affects plotted lines, not table values. Scaling changes based on lookback period:
- Shorter lookback = More compressed range
- Longer lookback = Wider range
Trading Use: Keep enabled for better visual comparison. Disable if you want absolute OI values.
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Show Reference Lines
Default: Off (false)
What it is: Toggles the display of horizontal reference lines at 0%, 50%, and 100% levels on the chart.
What it shows:
- Zero Line (0%) - Dotted gray line at 0% level
- Midline (50%) - Solid gray line at 50% level
- 100 Line (100%) - Dotted gray line at 100% level
Trading Use: Enable when you want visual reference points for:
0% = Extreme bearish positioning
50% = Neutral/middle range
100% = Extreme bullish positioning
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🔄 Group 5: Smoothing Settings
Smoothing Method
Options: None | SMA | EMA | WMA | RMA
What it is: Selects the moving average type for smoothing data.
- None - Use raw data (no smoothing)
- SMA - Simple Moving Average (equal weight to all periods)
- EMA - Exponential Moving Average (more weight to recent data)
- WMA - Weighted Moving Average (linear weighting)
- RMA - Relative Moving Average (Wilder's smoothing)
Trading Use:
None - Best for catching extremes quickly
SMA - Most common, balanced smoothing
EMA - More responsive to recent changes
WMA/RMA - Advanced smoothing methods
Smoothing reduces noise but may delay signal detection. Use None for most responsive signals.
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Smoothing Period
Default: 4 | Range: 2-20
What it is: Number of periods for the moving average smoothing.
Trading Use:
Shorter periods (2-5) = Less smoothing, more responsive
Longer periods (10-20) = More smoothing, less noise
Default 4 = Good balance
Only used when Smoothing Method is not None.
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Smooth COT Report Plots
Default: Off (false)
What it is: Applies smoothing to COT Report plotted lines (Commercial, Non-Commercial, Small Speculators, Open Interest).
Trading Use: Enable if you want smoother chart lines. Note: Smoothing affects visual display but calculations use raw data unless Smooth COT Index Plots is also enabled.
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Smooth COT Index Plots
Default: Off (false)
What it is: Applies smoothing to COT Index plotted lines.
Trading Use: Enable if you want smoother index lines. Important: When enabled, smoothed values are used in table displays and signal calculations. This affects the "user-facing" index values shown in the table and used for signals.
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📊 Group 6: COT Proximity Index Settings
Proximity Length Mode
Options: Auto | Manual
What it is: Controls how the proximity index calculation period is determined.
- Auto - Calculates length based on ZigZag patterns (dynamic)
- Manual - Uses fixed length setting
Trading Use: Use Auto for adaptive calculation. Use Manual if you want consistent period regardless of market conditions.
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Manual Proximity Length
Default: 8 bars | Range: 1+
What it is: Fixed number of bars for COT Proximity Index calculation. Only used when Proximity Length Mode is Manual.
Trading Use: Set based on your timeframe. 8 bars works well for weekly chart.
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Heavy Buyers Level
Default: 74% | Range: 50-100
What it is: COT Index level above which commercials are considered heavy buyers (extreme long positioning).
Trading Use: This threshold is used for:
- Signal generation
- Market state calculation
- Entry level recommendations
Default 74% means commercials are "heavy buyers" when LW Index ≥ 74%.
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Heavy Sellers Level
Default: 26% | Range: 0-50
What it is: COT Index level below which commercials are considered heavy sellers (extreme short positioning).
Trading Use: This threshold is used for:
- Signal generation
- Market state calculation
- Entry level recommendations
Default 26% means commercials are "heavy sellers" when LW Index ≤ 26%.
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ZigZag Deviation
Default: 1.0% | Range: 1-100.0
What it is: Minimum price change (%) required to create a new ZigZag pivot point.
Trading Use:
Smaller values = More sensitive, more pivots
Larger values = Less sensitive, fewer pivots
Used for Auto proximity length calculation.
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ZigZag Depth
Default: 1 | Range: 1+
What it is: Minimum number of bars between pivot points.
Trading Use: Higher values filter out minor pivots. Default 1 captures all significant pivots.
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Extend ZigZag to Last Bar
Default: Off (false)
What it is: Draws ZigZag lines to the current bar (may show incomplete patterns).
Trading Use: Enable to see current ZigZag pattern, but be aware it may change as new bars form.
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Show ZigZag Lines
Default: Off (false)
What it is: Displays ZigZag pivot lines on the chart for visual reference.
Trading Use: Enable to see the ZigZag pattern used for proximity index calculation. Useful for understanding how Auto mode works.
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🎨 Group 7: Common Table Settings
Color Theme
Options: Dark | Light | Midnight Blue | Ocean Blue | Forest Green | Amber Gold | Slate Gray
What it is: Color scheme for both main and historical comparison tables.
Trading Use: Choose based on your preference:
Dark/Light - Classic themes
Midnight Blue - Professional dark theme
Ocean Blue - Calming blue tones
Forest Green - Natural green theme
Amber Gold - Warm gold tones
Slate Gray - Modern gray theme
Theme applies to both tables simultaneously for consistency.
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📋 Group 8: Main Table Display Settings
Show COT Table
Default: On (true)
What it is: Toggles the main COT analysis table display.
Trading Use: Disable only if you want to use chart plots only. Most traders keep this enabled for comprehensive analysis.
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Table Mode
Options: Full | Compact
What it is: Controls the detail level of the main table.
- Full - Complete analysis table with all sections
- Compact - Essential info only (mobile-friendly)
Trading Use:
Full - Desktop trading, comprehensive analysis
Compact - Mobile trading, quick reference
See "Table Modes Explained" section below for details.
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Table Position
Options: Top Right | Top Left | Bottom Right | Bottom Left | Middle Right | Middle Left
What it is: Position of the main COT analysis table on the chart.
Trading Use: Choose based on your chart layout and preference. Top Right is default and works well for most traders.
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Table Text Size
Options: Tiny | Small | Normal | Large
What it is: Size of text in the COT analysis table.
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Section Visibility Controls
All default: On (true)
What it is: Individual toggles to show/hide specific table sections.
- ⚙️ Settings - Report Type, CFTC Code, Options setting
- 📊 Current Positions - Long, Short, Net positions for each group
- 📈 Analysis - LW Index, Percentile, Market State
- 🎯 Trading Edge & Signals - Current Signal, Entry Level, Best Setup
- 💡 Trading Tips - Context-aware trading insights
- 📈 Trend Analysis - Trend Direction, Strength, Cum Change, ROC, vs MA
- 🔄 Market Maker Activity - Spreading, Activity Level, Trading Edge
Trading Use: Customize your table to show only what you need:
Quick traders - Show only Trading Edge & Signals
Detailed analysis - Show all sections
Mobile users - Hide less critical sections
Each section can be toggled independently for maximum customization.
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📊 Group 9: Historical Comparison Settings
Show Historical Comparisons
Default: On (true)
What it is: Toggles the historical comparison table display.
Trading Use: This table shows how current positions rank over different time periods (1M, 3M, 6M, 1Y, 3Y, All Time). Very useful for context.
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Historical Table Mode
Options: Full | Compact
What it is: Controls the detail level of the historical comparison table.
- Full - Complete historical comparison with all time periods (1M, 3M, 6M, 1Y, 3Y, All Time) and all COT groups
- Compact - Essential periods only (1M, 3M, 6M, 1Y, All Time) showing Commercial % only
Trading Use:
- Full - Comprehensive historical analysis
- Compact - Quick reference, mobile-friendly
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Table Position (Historical)
Options: Top Right | Top Left | Bottom Right | Bottom Left
What it is: Position of the historical comparison table on the chart.
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Table Text Size (Historical)
Options: Tiny | Small | Normal | Large
What it is: Size of text in the historical comparison table.
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Trading Days
Options: Weekdays | 24/7
What it is: How to calculate time periods for historical comparisons.
- Weekdays - Calculate based on trading days only (5 days/week)
- 24/7 - Include all calendar days (7 days/week), Use for 24/7 markets like cryptocurrencies
Used for both main COT data and COT Proximity Index historical comparisons.
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📊 Table Modes Explained
Full Mode - Main Table
The Full mode displays all available sections:
- ⚙️ Settings - Report type, CFTC code, options setting
- 📊 Current Positions - Long, Short, Net for Commercial, Non-Commercial, Small Speculators
- 📊 Open Interest Analysis - OI value, change, who's driving changes, concentration
- 📈 Analysis - Percentile ranks, LW Index values, Market State
- 🎯 Trading Edge & Signals - Current Signal, Entry Level, What to Watch, Best Setup
- 💡 Trading Tips - Context-aware insights
- 📈 Trend Analysis - Trend Direction, Strength, Consistency, Cumulative Change, ROC %, vs MA
- 🔄 Market Maker Activity - Spreading %, Activity Level, Interpretation, Trading Edge
Best for: Desktop trading, comprehensive analysis, detailed market assessment
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📋 Understanding Each Table Section
This section explains what each part of the main table means and how to use it for trading decisions.
⚙️ Settings Section
- Report Type - Shows which COT report format you're using (Legacy, Disaggregated, or Financial). Verify this matches your asset type.
- Options - Indicates if options data is included ("Included") or excluded ("Excluded"). Most traders exclude options for cleaner analysis.
- CFTC Code - Unique identifier for your futures contract. Shows "Auto" when automatically detected, or displays the manual code if set.
Trading Use: Always verify your CFTC code is correct. Wrong code = wrong data = wrong signals.
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📊 Current Positions Section
Shows the actual position sizes for each trader group.
What Each Column Means:
- Long - Total long contracts held by this group
- Short - Total short contracts held by this group
- Net - Net position (Long - Short). This is the key number.
How to Interpret:
Commercial Net Position:
- Negative (Net Short) = Commercials expect prices to fall
- Positive (Net Long) = Commercials expect prices to rise
- Commercials are "smart money" - their positioning often precedes major moves
Non-Commercial Net Position:
- Positive (Net Long) = Large speculators bullish
- Negative (Net Short) = Large speculators bearish
- Often trend-followers, can be caught at extremes
Small Spec Net Position:
- Positive (Net Long) = Small traders bullish
- Negative (Net Short) = Small traders bearish
- Often contrarian indicator - wrong at extremes
Trading Edge: Watch for extremes in Commercial net positions. When Commercials are heavy buyers (high index ≥74%), it's a bullish signal. When they're heavy sellers (low index ≤26%), it's a bearish signal.
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📊 Open Interest Analysis Section
Open Interest - Total number of outstanding contracts. Shows market participation level.
Change - Week-over-week change in Open Interest. Rising OI = new money entering, Falling OI = money leaving.
Net Changes - Shows which group is driving Open Interest changes. This is Larry Williams' most important insight.
🎯 Critical Question: Who is Driving OI Changes?
EXTREMELY BULLISH SIGNAL (Very Rare - Pay Close Attention):
- Commercials driving OI increase + Commercials raising positions + Uptrend market
- Meaning: Smart money (commercials) accumulating long positions while market is rising
- Action: Extremely bullish - very rare setup, pay close attention to this signal
- This is the strongest bullish signal possible
BULLISH SIGNAL (Strong Buy):
- Commercials driving OI increase + Commercials net long
- Meaning: Smart money accumulating long positions
- Action: Strong bullish setup
BEARISH SIGNAL (Strong Sell - Market Topping):
- Commercials exiting + OI increasing due to Small Specs + Non-Commercials
- Meaning: Smart money leaving while speculative money entering
- Action: Market top forming - most likely scenario for bearish reversal
- This indicates speculative excess and potential market top
BEARISH SIGNAL (Speculative Excess):
- Small Specs + Non-Commercials driving OI increase + They are net long
- Meaning: Speculative excess, "dumb money" driving market
- Action: Bearish reversal likely
Trading Use:
- Rising OI = New money entering (confirms trend)
- Falling OI = Money leaving (potential reversal)
- Watch WHO is driving OI changes - This is critical
- When Commercials drive OI increases while raising positions in an uptrend = Extremely bullish and very rare - pay attention
- When Commercials exit while OI increases due to Small Specs and Non-Commercials = Market topping signal
Concentration - Shows how much of the market is controlled by the largest traders:
- Top 4 - Four largest traders' share of total OI
- Top 8 - Eight largest traders' share of total OI
Trading Use: High concentration (>30%) means fewer dominant players, potential for volatility. Low concentration means more distributed positions, healthier market.
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📈 Analysis Section
Proximity Index (when in COT Proximity Index mode):
- Value: Current proximity index reading (0-100%)
- Length: Number of bars used in calculation
- Status: Heavy Buyers, Heavy Sellers, or Neutral
Analysis Method - Shows whether you're using Percentile or LW Index calculation.
Small Spec Mode - Shows how Small Speculators are interpreted:
- Contrarian (Traditional) - Small specs are wrong at extremes (default)
- Accurate (Meats) - Small specs are accurate like commercials (for Meats markets)
Market State - Overall market sentiment assessment:
- STRONG BULLISH - Multiple factors aligned bullish, strong buy signal
- MODERATE BULLISH - Several bullish factors, moderate buy signal
- LEANING BULLISH - Slight bullish bias, watch for confirmation
- NEUTRAL - Mixed signals, trade with existing trend
- LEANING BEARISH - Slight bearish bias, watch for confirmation
- MODERATE BEARISH - Several bearish factors, moderate sell signal
- STRONG BEARISH - Multiple factors aligned bearish, strong sell signal
Trading Use: Start your analysis here. Market State gives you the overall picture before diving into details.
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🎯 Trading Edge & Signals Section
Current Signal - Shows which combination is active based on current positioning extremes and its expected accuracy percentage:
- Comm+Spec+OI - All three groups at extremes (highest accuracy)
- Comm+Spec - Commercials and specs at extremes (opposite extremes - Larry Williams' favorite)
- Comm+OI - Commercials and Open Interest at extremes (smart money + participation)
- Commercials - Only Commercials at extreme (smart money indicator)
- Wait - No extremes detected, wait for setup
Entry - Trading signal based on Commercial positioning:
- LONG - Commercials are heavy buyers (≥Heavy Buyers Level), bullish signal
- SHORT - Commercials are heavy sellers (≤Heavy Sellers Level), bearish signal
- Wait - Commercials neutral, no clear signal
Best Setup - Shows the historically highest accuracy combination found in the data:
- Comm+Spec+SmallSpec+OI - All four groups aligned (strongest signal)
- Comm+Spec+OI (All) - Commercials + Speculators + Open Interest aligned
- Comm+Spec+SmallSpec - Commercials + Speculators + Small Specs aligned
- Comm+Spec (Both) - Commercials + Speculators (opposite extremes - Larry Williams' favorite)
- Comm+OI (Both) - Commercials + Open Interest (participation confirms smart money)
- Comm+SmallSpec - Commercials + Small Specs (especially strong in Meats markets)
- Commercials Alone - Commercial positioning only (baseline - smart money indicator)
Trading Use: This is your action center. Focus on Entry signals when Market State confirms. Higher accuracy setups (shown in Best Setup) are more reliable.
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💡 Trading Tips Section
Context-aware insights based on current market conditions.
What You'll See:
- Commercial positioning assessment (extreme long/short, favorable/unfavorable)
- Speculator positioning (contrarian support or warning)
- Open Interest guidance (who's driving changes)
- Trend assessment (aligning or conflicting)
- Information about entry timing, position sizing, and confirmation needs
Trading Use: Review these tips when analyzing. They provide context-specific information tailored to current conditions.
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📈 Trend Analysis Section
Trend Direction - Overall price trend:
- Bullish - Price trending up
- Bearish - Price trending down
- Mixed - No clear direction
Consistency - How stable the trend is:
- Consistent - Trend is stable and maintaining direction
- Mixed - Trend is unstable, direction changing
- Accelerating - Trend is gaining momentum
Strength - Trend intensity:
- Strong - Powerful trend
- Steady - Moderate trend
- Weak - Weak trend
This Week - Net position change this week (percentage).
Cumulative Change - Total net position change over different periods:
- 4W - 4-week cumulative change
- 13W - 13-week cumulative change (one quarter)
- 26W - 26-week cumulative change (half year)
ROC % - Rate of Change percentage over different periods. Shows momentum.
vs MA - Current net position compared to moving average:
- Positive = Above average (strong positioning)
- Negative = Below average (weak positioning)
Trading Use: Align COT signals with trend direction for higher accuracy. When COT signals align with price trend, signals are more reliable. Counter-trend signals require more confirmation.
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🔄 Market Maker Activity Section
Total Spreading - Percentage of open interest in spread positions (simultaneous long and short in different months).
Percentile - Where current spreading level ranks historically. High percentile = unusual spreading activity.
13W Trend - 13-week trend in spreading activity (+ = increasing, - = decreasing).
Activity Level - Market maker activity intensity:
- High - Very active, expect volatility
- Moderate - Normal activity
- Low - Quiet, less volatility expected
vs 13W Avg - Current activity compared to 13-week average.
Trading Edge - Interpretation of market maker activity:
- High & Rising - Expect volatility, market makers hedging risk
- High & Stable - Active hedging, monitor for changes
- Low & Falling - Reduced activity, potential for directional moves
Trading Use: High market maker activity often precedes volatility. Use this to adjust position sizing and risk management. When spreading is high and rising, expect choppy conditions.
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📋 Understanding Compact Mode Fields
The Compact mode provides essential information for quick trading decisions. Here's what each field means:
State
Shows the overall market sentiment based on combined COT analysis.
Possible Values:
- STRONG BULLISH - Multiple factors aligned bullish, strong buy signal
- MODERATE BULLISH - Several bullish factors, moderate buy signal
- LEANING BULLISH - Slight bullish bias, watch for confirmation
- NEUTRAL - Mixed signals, trade with existing trend
- LEANING BEARISH - Slight bearish bias, watch for confirmation
- MODERATE BEARISH - Several bearish factors, moderate sell signal
- STRONG BEARISH - Multiple factors aligned bearish, strong sell signal
Trading Use: Start your analysis here. Strong signals (STRONG BULLISH/BEARISH) indicate higher confidence setups. Neutral means trade with price trend.
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Entry
Your actionable trading signal based on Commercial positioning.
Possible Values:
- LONG - Commercials are heavy buyers (≥Heavy Buyers Level), bullish signal
- SHORT - Commercials are heavy sellers (≤Heavy Sellers Level), bearish signal
- Wait - Commercials neutral, no clear signal
Trading Use: This is your go/no-go decision point. Only take trades when Entry shows LONG or SHORT. When Entry = Wait, stay on sidelines until clearer signal develops.
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Comm Index
Commercial LW Index percentage showing where Commercial net position ranks historically.
Range: 0% to 100%
- 0-26% = Commercials heavy sellers (bearish positioning)
- 27-73% = Commercials neutral (no extreme)
- 74-100% = Commercials heavy buyers (bullish positioning)
Trading Use: Commercial extremes are most reliable. Values ≥74% (heavy buyers/extreme long) = BULLISH signal. Values ≤26% (heavy sellers/extreme short) = BEARISH signal. When Commercials are heavy buyers, it indicates bullish sentiment. When they're heavy sellers, it indicates bearish sentiment.
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OI Status
Open Interest condition showing market participation level and trend.
Format: Status (Percentile %)
Examples:
- High (100.0%) - OI at extreme high, strong participation
- Moderate (50.0%) - OI at average level
- Low (10.0%) - OI at extreme low, weak participation
Trend Indicators:
- Rising - OI increasing (new money entering)
- Falling - OI decreasing (money leaving)
- Stable - OI unchanged
Trading Use: High OI with rising trend = strong market participation, confirms directional moves. Falling OI = watch for potential reversals. Low OI = reduced participation, potential for volatility.
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Best Setup
Shows which combination of factors has the highest historical accuracy.
Format: Combination Name (Accuracy %)
Examples:
- Commercials Alone (75.3%) - Commercial positioning only
- Commercials + Speculators (68.2%) - Commercials and specs aligned
- Commercials + Open Interest (72.1%) - Commercials with OI confirmation
- Commercials + Speculators + OI (82.1%) - All factors aligned (strongest)
Trading Use: Higher accuracy values indicate signals with higher historical accuracy. When Best Setup shows "Commercials + Speculators + OI" with high accuracy, it indicates a combination with strong historical performance.
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Trend
13-week cumulative trend direction based on net position changes.
Possible Values:
- Bullish - Net positions trending bullish over 13 weeks
- Bearish - Net positions trending bearish over 13 weeks
- Mixed - No clear directional trend
Trading Use: Align Entry signals with Trend for higher accuracy. When Entry = LONG and Trend = Bullish, signal is stronger. When Entry = LONG but Trend = Bearish, wait for price confirmation before entering. Counter-trend signals require more confirmation.
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Full Mode - Historical Table
The Full historical mode shows:
- All time periods: 1 Month, 3 Months, 6 Months, 1 Year, 3 Years, All Time
- All COT groups: Commercial, Non-Commercial, Small Speculators, Open Interest
- Complete header with asset type and lookback information
Best for: Comprehensive historical analysis, understanding long-term positioning
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Compact Mode - Historical Table
The Compact historical mode shows:
- Essential periods only: 1M, 3M, 6M, 1Y, All Time
- Commercial % only (most important indicator)
- Simplified header
Best for: Quick reference, mobile-friendly, focused analysis
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🎯 How to Use Each Feature for Trading
Using Display Modes
- COT Report Mode - Use for:
- Understanding raw position sizes
- Analyzing net position changes
- Comparing absolute positions across groups
- Detailed market structure analysis
- COT Index Mode - Use for:
- Quick sentiment assessment
- Identifying extremes (Percentile can show >100% or <0%, LW Index shows 0-100%)
- Comparing relative positioning
- Signal generation
- COT Proximity Index Mode - Use for:
- When COT data is delayed
- Real-time sentiment estimation
- Price-action based analysis
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Using Analysis Methods
- Percentile Method - Use when:
- You want to catch new extremes (>100% or <0%)
- You need responsive signals
- You're analyzing recent market regime changes
- You want to use the professional approach (excludes current bar from range)
- LW Index Method - Use when:
- You want traditional Larry Williams analysis
- You prefer stable, conservative signals
- You're doing long-term analysis
- You want always 0-100% range
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Using Signal Generation
- Enable Signal Arrows when:
- You want visual alerts for high-quality setups
- You're scanning multiple charts
- You want to catch extreme positioning
- Enable Background Colors when:
- You want quick visual market state assessment
- You're monitoring multiple timeframes
- You want to see market conditions at a glance
- Use Price Trend Weighting to:
- Increase signal reliability
- Align COT signals with price action
- Filter counter-trend signals
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Using Smoothing
- No Smoothing - Best for:
- Catching extremes quickly
- Responsive signal generation
- Active trading
- With Smoothing - Best for:
- Reducing noise
- Trend identification
- Swing trading
Remember: Smoothing affects visual display. Enable "Smooth COT Index Plots" if you want smoothed values in calculations.
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Using Heavy Buyers/Sellers Levels
- Default 74%/26% - Good starting point
- Tighter levels (80%/20%) - More conservative, fewer signals
- Wider levels (70%/30%) - More signals, less extreme
Trading Use: Adjust based on your risk tolerance and signal frequency preference.
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Using Table Sections- Settings - Verify your configuration
- Current Positions - Understand current market structure
- Analysis - Identify extremes and market state
- Trading Edge & Signals - Most important - Entry signals based on Commercial positioning
- Trading Tips - Context-aware insights
- Trend Analysis - Understand momentum and direction
- Market Maker Activity - Assess market maker positioning
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💡 Key Trading ConceptsMarket State InterpretationPine Script® STRONG BULLISH - Multiple factors aligned bullish. Strong buy signal. MODERATE BULLISH - Several bullish factors. Moderate buy signal. LEANING BULLISH - Slight bullish bias. Watch for confirmation. NEUTRAL - Mixed signals. Trade with existing trend. LEANING BEARISH - Slight bearish bias. Watch for confirmation. MODERATE BEARISH - Several bearish factors. Moderate sell signal. STRONG BEARISH - Multiple factors aligned bearish. Strong sell signal.
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Entry Level SignalsWhen Commercials are heavy buyers (high index), it indicates bullish sentiment. When they're heavy sellers (low index), it indicates bearish sentiment.Pine Script® LONG - Commercials are heavy buyers (≥Heavy Buyers Level). Bullish signal. SHORT - Commercials are heavy sellers (≤Heavy Sellers Level). Bearish signal. Wait - Commercials neutral. No clear signal.
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Best Setup Interpretation
The Best Setup shows the historically highest accuracy combination:Higher accuracy = More reliable signal. Use this to prioritize which signals to follow.Pine Script® Commercials Alone - Commercial positioning is most reliable Commercials + Speculators - Both groups aligned Commercials + Open Interest - Commercials + OI confirmation Commercials + Speculators + OI - All factors aligned (strongest)
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Open Interest AnalysisCritical Question:Who is driving Open Interest changes?This is one of Larry Williams' most important insights. When Commercials drive OI increases while raising positions in an uptrend, it's extremely bullish and very rare - pay attention. When Commercials exit while Small Specs and Non-Commercials drive OI increases, the market is likely topping.Pine Script® EXTREMELY BULLISH (Very Rare): Commercials driving OI increase + Commercials raising positions + Uptrend = EXTREMELY BULLISH This is very rare - pay close attention when this occurs STRONG BULLISH: Commercials driving OI increase + Commercials long = STRONG BULLISH BEARISH (Market Topping): Commercials exiting + OI increasing due to Small Specs + Non-Commercials = BEARISH (market topping) Most likely scenario for bearish reversal - speculative excess BEARISH (Speculative Excess): Speculators driving OI increase + Speculators long = BEARISH (speculative excess) TREND CONFIRMATION: Rising OI = Confirms trend (new money entering) Falling OI = Potential reversal (money leaving)
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🚀 Practical Trading WorkflowDaily Analysis Routine- Check Market State - Overall assessment
- Review Entry Level - Actionable signal
- Check Best Setup - Signal reliability
- Review Trading Tips - Context-aware insights
- Analyze Trend Analysis - Momentum confirmation
- Check Historical Comparison - Context over time
- Verify Open Interest - Who's driving changes
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Signal Confirmation Checklist
Before taking a trade based on COT signals:Pine Script® ✓ Market State shows clear bias (not Neutral) ✓ Entry Level matches Market State ✓ Best Setup shows high accuracy (>60%) ✓ Price trend aligns with signal (if using trend weighting) ✓ Open Interest confirms (rising for trend continuation, falling for reversal) ✓ Historical comparison shows extreme positioning ✓ Price action confirms (wait for price confirmation)
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⚠️ Important Notes- COT data is weekly - Updates every Friday afternoon
- Extremes can persist - Don't expect immediate reversals
- Combine with price action - COT is one tool among many
- Historical context matters - Consider market conditions
- Meats markets are special - Small specs are accurate (like commercials)
- Signals are rare - High-quality signals don't appear every week
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This description covers all settings and features of the Larry Williams COT Analysis Enhanced indicator. Larry Williams recommends combining COT analysis with other indicators for setup signals: Williams Sentiment Index, Williams Valuation Index, Williams True Seasonal, Pinch and Paunch Signal, along with price action, technical analysis, and fundamental factors.
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📖 Conclusion
The Larry Williams COT Analysis Enhanced indicator provides a sophisticated framework for understanding market sentiment through the lens of different participant groups. By combining mathematical analysis with behavioral insights, it displays COT positioning data, calculates index values, and generates signals based on extreme positioning.
Remember: This is a tool for analysis, not a crystal ball. Consider combining COT analysis with other Larry Williams indicators, price action, technical analysis, and fundamental factors.
Practice with the indicator, study historical signals, and develop your understanding of how different market participants behave. Signals with multiple factors aligned - Commercials at extremes, Open Interest changes driven by the right groups, and price action confirming the COT signals - have shown higher historical accuracy.
This description provides comprehensive documentation for the Larry Williams COT Analysis Enhanced indicator. For the most current data and analysis, always refer to the latest COT reports and market conditions.
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Acknowledgment
This tool builds upon the foundational work of Larry Williams, who developed the Commitments of Traders (COT) analysis methodology and the principles for interpreting COT data. It also incorporates enhancements including statistical validation, combination analysis, adaptive signal generation, and comprehensive historical comparison features.
Note: Always practice proper risk management and thoroughly test the indicator to ensure it aligns with your trading strategy. Past performance is not indicative of future results. - Settings - Verify your configuration
Skrip jemputan sahaja
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Arahan penulis
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Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.
Skrip jemputan sahaja
Hanya pengguna disahkan oleh penulis boleh mengakses skrip ini. Anda perlu memohon dan mendapatkan kebenaran untuk menggunakannya. Keizinan selalunya diberikan selepas pembayaran. Untuk lebih butiran, ikuti arahan penulis di bawah atau hubungi TradeVizion secara terus.
TradingView TIDAK menyarankan pembayaran atau penggunaan skrip kecuali anda mempercayai sepenuhnya penulis dan memahami bagaimana ia berfungsi. Anda juga boleh menjumpai alternatif sumber terbuka dan percuma yang lain di dalam skrip komuniti kami.
Arahan penulis
How to Access: ✅ 🚀 Get Access & 7-Day Trial: 👉 https://whop.com/tradevizion/larry-williams-cot-analysis-en/
TradeVizion™
For our premium indicators! whop.com/tradevizion/
For our premium indicators! whop.com/tradevizion/
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.