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Forex Derivative 2.0: the good old sliver
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MetaCOT 2 is a set of indicators and specialized utilities for analyzing reports of the U.S. Commodity Futures Trading Commission (CFTC). Thanks to the reports issued by the commission, it is possible to analyze the size and direction of the positions of large market participants, which brings the accuracy of long-term price forecasting to a new, higher quality level, inaccessible to most traders.
These indicators related to fundamental analysis can also be used as an effective long-term filter when entering a medium-term position. To do this, they should be combined with classical price analysis.
Williams Commercial Index (Williams Commercial Index), abbreviated Willco, was developed by Larry Williams and is the most advanced version of the classic COT Index indicator. Unlike the latter, Willco takes into account not only the extreme values of the groups of participants, but also correlates them with the general open interest. Thus, we can say that Willco is a classic COT Index indicator weighted relative to the entire market. Like the latter, it is an oscillator and changes its values from zero to one hundred percent. Indicator values from 0% to 20% and from 80% to 100% indicate moments of extreme overbought and oversold market, signaling a frequent price reversal after reaching these levels. The calculation is based on data on net positions of traders (see the MetaCOT 2 Netto Positions indicator).
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You can read more about the ways to use this indicator in the book by Larry Williams: “Secrets of trading in the futures market. Act together with insiders”, as well as in the article of the same name, the Meta COT Project – new horizons for analyzing CFTC reports in the MetaTrader 4 terminal.
Below are the parameters of the indicator and their value:
- Source of Report – type of COT report. There are two types of reports: Futures Only and Futures And Options;
- Group of Traders – a group of participants in the COT report. Includes the groups listed above;
- Release Day – sets the day of the indicator update. With the default value, ‘Release by Friday’, the indicator updates its values on Friday (the day the data is published). With the value ‘Release by Tuesday’ – on Tuesday (the day of data receipt).
- DataType – selects the data to build the indicator. With the default value, ‘Contracts of Traders’, the indicator calculates values based on the number of contracts, with the value ‘Number of Traders’ – based on the number of values of the number of traders.
- Subgroup of Traders – a subgroup of participants. It is divided into all (All), old (Old) and other (Other);
- Period of COT Index – the period of calculation of the COT index. Recommended values: 25, 52 and 156 weeks;
- Auto Detect Report Name – if true, the indicator independently loads a report corresponding to the symbol of the market on which it is launched. If no report matching the current symbol could be determined, the default report specified in the Report Name parameter is loaded.;
- Report Name – the name of the report to load if the Auto Detect Report Name parameter is false. As the name of the report, you must specify the name of one of the MetaCOT database files without the extension of this file;
- Mirror Mode – mirror mode of the indicator. If it is true, the maximums of the indicator become minimums, and the minimums – on the contrary, maximums.
This indicator must be combined with other indicators of the MetaCOT series, in this case, higher accuracy is achieved when conducting fundamental and technical analysis of the market.
For the indicator to work, you need to download and install CFTC reports to your computer, for which you need to use the specialized MetaCOT 2 Install CFTC Reports MT4 report installation utility.
You can learn more about the values of the indicator settings in the blog “MetaCOT 2: Settings and Possibility”.
For the indicator to work, you need to download and install CFTC reports to your computer, for which you need to use the specialized MetaCOT 2 Install CFTC Reports MT4 report installation utility.
You can learn more about the values of the indicator settings in the blog “MetaCOT 2: Settings and Possibility”.
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