COT Spreads Analyse: user guide
A guide to using the tool and interpreting the chart
1. What does COT Spreads Analyse show?
The tool visualises the difference (the spread) between the positioning of Commercial traders (hedgers) and Non Commercial traders (speculators) in a selected market. This difference is plotted on a chart for a selected time period.
When the spread is wide, the two groups are at opposite ends of the market, which has historically preceded significant price moves.
2. Filters and settings: the fields
| Field | Example | Description and how to use it |
|---|---|---|
| Name | SOYBEANS | Required field. Choose the commodity or instrument from the drop down menu. The chart is not drawn without an instrument. Click 'Draw Chart' after selecting it. |
| From Date | 01-01-2025 | Start date of the period analysed. Set an earlier date for a longer history. The format is DD-MM-YYYY. |
| To Date | 06-03-2026 | End date of the period. Defaults to today. You can analyse past periods by setting an earlier end date. |
| Range Min | -100 | Minimum value of the chart's Y axis. Set a lower value (e.g. -300) if the lines go outside the visible area. |
| Range Max | 100 | Maximum value of the Y axis. Set a higher value if needed. Recommended: keep the values symmetrical (e.g. -150 / 150). |
| Spread Variant | 6M, 1Y, 3Y, 5Y | Choose which time windows appear on the chart. Each tick adds another line. You can switch on 6M, 1Y, 3Y and 5Y together for comparison. |
3. How to draw the chart
Follow these steps in order:
- Choose an instrument in the 'Name' field (e.g. SOYBEANS, S&P 500 E-Mini, BITCOIN MINI)
- Set 'From Date' and 'To Date' for the period you want
- Tick the Spread Variants to display (6M, 1Y, 3Y and/or 5Y)
- Adjust Range Min and Range Max if necessary
- Click the green 'Draw Chart' button: the chart loads immediately
4. How to interpret the chart
4.1 What do the lines represent?
Each line on the chart shows the spread (the difference) between the Com and Non Com rank for the corresponding time window:
| Line | Meaning |
|---|---|
| 6M (blue) | Spread between the Com and Non Com rank calculated over the last 6 months. Most sensitive to short term changes. |
| 1Y (green) | Spread over the last year. Smooths out short term noise and gives a more stable signal. |
| 3Y (orange) | Spread over the last 3 years. Shows the medium term structural imbalance between the two groups. |
| 5Y (red) | Spread over the last 5 years. A long term indicator that gives context for historical extremes. |
4.2 How is the spread calculated?
Spread = Com percentile rank minus Non Com percentile rank
For example: if the Com rank is 10 (hedgers extremely short) and the Non Com rank is 85 (speculators extremely long), the spread is 10 minus 85 = minus 75. A large negative value means speculators are heavily long while hedgers are heavily short.
4.3 How to read the signals?
| What the chart shows | What it means | Practical takeaway |
|---|---|---|
| The lines are deep below 0 (in the yellow zone) | Com << Non Com | Hedgers are much shorter than speculators: a potential bearish signal. Historical tops coincide with these zones. |
| The lines are high above 0 | Com >> Non Com | Hedgers are much longer than speculators: a potential bullish signal. Historical price bottoms. |
| The lines converge around 0 | Neutral zone | The two groups are positioned similarly. No clear structural signal: wait for a move away from zero. |
| The lines cross or converge after an extreme | Spread reversal | The gap between the two groups is narrowing: an early signal of a potential change in trend. |
4.4 The shaded zone on the chart
The orange zone in the background of the chart marks periods when the spread was at extreme values, a visual guide to historically exceptional divergences between Com and Non Com positions.
5. Practical tips
- Compare the 6M and 3Y lines together: if both are in an extreme zone in the same direction, the signal is more reliable
- Use COT Spreads together with the COT Index table for cross confirmation
- When the 6M line moves quickly towards an extreme, check whether the longer term lines (3Y, 5Y) confirm it
- Do not use the spread alone as an entry signal: COT is a strategic, not a tactical, tool
- The data has a lag of about 3 days (the CFTC publishes every Friday for the previous Tuesday)
- An 'X' means data is missing for the selected period for a given instrument
fmoney.eu COT Spreads Analyse. Data provided by the CFTC. For educational purposes. Futures trading carries a high level of risk. This material is not investment advice.