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Could someone please explain to me exactly how the red COT oat high of the bar and green COT at low of the bar is calculated? Also what is CR ie contract reversal ?
I didn't find my answer in other threads that's why I am posing . Also its kind of confusing there .
COT is like the VPOC of a specific bar or in other words for a specific timeframe, it simply shows you the price level where the most volume was traded. I do only have one COT in my bars, so it must be somthing in your settings. Probably the bid and ask volume is devided and it shows you a COT for both volumes seperatly. If you do not have a specific use for that I would recommend changing that to total volume, then it should show only one - less confusing.
Potential use of COT:
If COT gets "trapped" (price moves around COT or a even better a COT cluster) at one of you homework levels or in other words at support or resistance you have a potential trapped party that needs to cover - that can lead to a bigger price move. I see COT clusters or naked COT's (untested COT) as risk.
All I am trying to say is it does not tell you a lot unless you put it into context with price action and may be other stuff too.
The COT-report comes out each Friday of a week and is delayed data of the Tuesday of this week. I don't know how someone can post/plot COT-data in real-time. IMHO COT-data in real-time is pure Nonsens.
I have heard of that report though but do not use it. In fact I do not exactly know what this report is about.
The COT this thread is about is the COT we use in orderflow or tape reading - check out the posted charts. If you use orderflow software it shows you the COT for every timeframe (in every candle) you like. You can do the same with TPO charts though, there it would be illustrated as the VPOC.
Check it out.
And like I said it is all about what you do with the data given to you.
for new users of footprint (volume ladder) charts, some of the features may be a little overwhelming or difficult to understand. so hopefully a brief explanation will help. in most cases I used the original description from market delta:
However , My charts never show a negative COT . That's what confuses me . Also there is CR ie contract reversal . I don't know what it is either. maybe it has got something to do with negative cot ? Just confused .
Looks like I was mistaken, sorry about that. I used to work with a different software where it was approached as I described. In sierrachart it is indeed called VPOC, was not even aware of that. I now see the point of tr8er.
However, if you do not find it useful then I would recommend removing, or hiding it. I think it is important to remove all the "clutter" and just have the things or numbers displayed that are important to you. Everybody works differently just figure out what you are comfortable with.
Hi ! Yes I did . COT definition is out there which you will find . CR had something to do with max n min delta which I don't use so don't remember . Sorry .
