Smart Money COT

This indicator implements the method of analysing COT data as defined by Michael Huddleston (I.E. The Inner Circle Trader). It removes all superfluous information contained in the standard COT reports and focusses only on Commercial speculators using the overall Long-Short positions.

Features
The unique feature of this indicator is its ability to look back over time and provide the following information:

1. Calculation of the range high and low of the specified lookback range.
   
2. Calculation of equilibrium of that range.
   
3. Automatic colour coding of net long and net short positions when the Long-Short COT calculation is above or below equilibrium of the lookback range.
   

Instructions

1. Use the Daily Timeframe only. You may get unexpected results on other timeframes.
   
2. Ensure the asset has COT data available. Script is mainly focused on commodity futures, such as ES, NQ, YM. It has not been tested against Forex.
   
3. You will need to define the "Lookback" setting in the script settings. Use the total number of trading days required for your analysis. E.g. if you want a 6 month COT analysis, use the measurement tool to count the quantity of daily candles between now and 6 months ago - use this as your Lookback setting. Adjust as needed for other lookback periods, e.g. 3 months, 12 months etc.
   

Other Info

• The script provides the ability to customise colours in its settings.
  
• Range High and Range Low plots can be disabled in settings.