COT Report
The COT page displays weekly CFTC Commitments of Traders positioning data for 11 instruments, separating reported commercial, non-commercial, and non-reportable categories. The data is delayed and descriptive; it does not provide a direct read on intent, conviction, or future reversals.
What this page covers
- What CFTC Commitments of Traders data measures
- The difference between Commercial and Non-Commercial positioning
- How to read net positioning as a contrarian indicator
- The 11 instruments covered and how to review COT in an educational study
What Is the CFTC COT Report?
The Commitments of Traders (COT) report is a weekly publication from the U.S. Commodity Futures Trading Commission (CFTC). Every Friday, it releases net futures positions for three reporting categories as of the prior Tuesday close. The report is delayed and should be read as historical positioning data.
The report is available for all instruments traded on U.S. futures exchanges: major forex pairs (as currency futures), gold, silver, oil, and U.S. indices. Hanzo AI ingests the weekly report automatically and displays it alongside price charts and historical net positioning trends.
The Three Trader Categories
| Category | Who they are | What their positioning means |
|---|---|---|
| Commercials | Entities that report futures positions associated with commercial or hedging activity | The category describes reported positioning; it does not establish direction, intent, or conviction. |
| Non-Commercials (Large Speculators) | Reportable non-commercial futures positions, often associated with speculative activity | Compare changes in the category with price and other data; no category reading guarantees a turning point. |
| Non-Reportable (Small Speculators) | Positions below the CFTC reporting threshold | This residual category is descriptive and should not be treated as a proxy for all retail behavior or a contrarian signal. |
The 11 Instruments Covered
- Gold (XAUUSD)
A commonly reviewed COT series — compare reported category positioning with price history.
- Silver (XAGUSD)
Smaller market than gold; more volatile COT swings. Extreme speculator longs frequently precede sharp corrections.
- EUR/USD
Euro futures COT — one of the most liquid currency futures markets. Commercial vs speculative divergence is a reliable macro signal.
- GBP/USD
British Pound futures — particularly useful during Bank of England policy periods.
- USD/JPY
Japanese Yen futures — COT positioning reflects Bank of Japan intervention risk and carry trade positioning.
- AUD/USD
Australian Dollar futures — correlated with commodity sentiment; COT positioning reflects risk appetite.
- USD/CAD
Canadian Dollar futures — highly correlated with oil prices; speculative positioning reflects energy market sentiment.
- USD/CHF
Swiss Franc futures — safe-haven positioning; extreme readings often precede risk-off or risk-on turning points.
- WTI Oil
Crude oil futures — commercial positioning (producer hedging) vs speculative flows is a supply/demand proxy.
- S&P 500
S&P 500 futures COT — compare reported speculator positioning with price history and other context.
- NASDAQ
NASDAQ 100 futures — tech-heavy index; speculator positioning reflects risk appetite for growth assets.
How to Apply COT Data
COT data is a delayed macro context layer. It can be compared with price history over weeks or months, but it does not establish a directional bias, entry timing, or reversal expectation.
- Compare net-positioning series
Compare changes in commercial, non-commercial, and non-reportable net positions with price history. Record where the series agree or diverge without assigning a directional conclusion.
- Review percentile context
When a reading is near a 52-week high or low, record it as a historical-extreme example. A percentile is a descriptive ranking, not an actionable contrarian signal.
- Compare with price structure
Review the COT series alongside 4H or Daily structure as separate sources. Document agreement, conflict, and the reporting lag.
- Keep COT retrospective
Use COT as a delayed study layer rather than a trigger, timing rule, or position-sizing input. Record what the data showed at the time and what happened later.
COT + Wyckoff Phase Confluence
COT and Wyckoff can be placed side by side as two delayed or modeled data sources. Agreement is useful for a retrospective comparison, not evidence of institutional activity or a directional outcome.
| COT reading | Wyckoff reading | Illustrative comparison | Study note |
|---|---|---|---|
| Commercial net longs rising | Accumulation label and Spring example | Two model/data series point to related historical context | Record later behavior without a conclusion |
| Speculator net longs near a 52-week high | Distribution label and UTAD example | Positioning and phase labels can be compared | No top or reversal is established |
| Commercial net longs rising | Early accumulation label | The series and phase may be at different stages | Document uncertainty and reporting lag |
| COT data mixed | No clear Wyckoff phase label | The sources provide limited agreement | Treat as an ambiguous example |
Reading the Net Positioning Charts
Hanzo AI displays each instrument's net positioning as a line chart with three layers — commercial, non-commercial, and small speculator — plotted against the price chart. Key patterns to look for:
- Commercial net longs rising while price is falling = a positioning/price comparison to document
- Speculator net longs near a 52-week high while price is at resistance = a historical-extreme comparison
- Commercial and speculator positioning reversing direction simultaneously = a change in the displayed series
- Small speculator positioning at an extreme opposite to commercials = a category divergence to review, not a reliability claim
Frequently asked questions
Why does COT data only cover 11 instruments when Hanzo monitors 31 pairs?
COT data is published by the U.S. CFTC and only covers instruments traded on U.S. futures exchanges. Many of Hanzo's 31 supported pairs, particularly minor crosses like EURGBP or EURJPY, don't have listed futures contracts on U.S. exchanges, so no COT data exists for them. For those pairs, use the technical engines — Wyckoff, Volume, and Pattern — without the COT layer.
How does Hanzo AI get the COT data?
The CFTC publishes the raw COT data every Friday after market close. Hanzo AI's backend automatically fetches and processes the new data within minutes of publication, so the charts are always current with the latest report.
Can I combine COT with Alert Intel?
Not directly for threshold alerts — COT data updates weekly, not in real time. However, you can check the COT chart manually every Friday after the report drops and use Alert Intel on the technical engines (Wyckoff, Volume) whose signals align with what you see in the COT positioning.