Briese CoT Movement Index

12 juil.

This Briese CoT (Commitments of Traders) Movement Index histogram indicator was built based on the formula by Stephen Briese in his book "The Commitments of Traders Bible":

"...difference between the COT Index and its reading of one or several weeks prior. I use six."—Chapter 7, page 75.

The code is a bit of a remix of the "ICT Commitment of Traders°" indicator by toodegrees and is meant for use in a new pane below a Weekly Chart.

The upper and lower thresholds are +40/-40. Some context: "A ± 40 point surge in the COT Index within a six-week period frequently marks the end of a counter-trend price reaction"

40 Point CoT Surge Rules (Commercials) from page 76

• "During a correction from a prevailing uptrend, a +40 point movement in the CoT Index within a six-week period often marks the end of a corrective pullback, and the resumption of the major uptrend."
  
• "During a reaction in a prevailing downtrend, a -40 point movement in the CoT Index within a six-week period frequently marks the end of a price reaction, and the resumption of the established downtrend."
  
• "The failure of a ± point CoT Movement Index signal to restart the prevailing trend is a tip-off to a major trend change"
  

I'd recommend reading Briese's book for examples on how to properly interpret this indictor.

This indicator can be used in conjunction with another one I've published called the "Williams x Briese Hybrid CoT Index" which can be found on my scripts page.

12 juil.

Notes de version

Reduced histogram bar width from 18 to 14

12 juil.

Notes de version

Code updated with comment ~

NOTE: This indicator only works with futures contracts, such as on the symbols/codes for:
DX1
6E1
6A1
6B1
6N1
6C1
6S1
6J1
6M1
6Z1
SI1
GC1
PA1
PL1
HG1
BTC1
ETH1
ES1
NQ1
NIY1
CL1
NG1
HO1
RB1
ZB1
ZS1
LE1
HE1
CC1

12 juil.

Notes de version

Histogram linewidth adjusted

12 juil.

Notes de version

Image updated