Answers to the most searched questions on the CFTC report: TFF, Legacy, open interest, spreading, COT Index, Tuesday / Friday calendar. Type a keyword or filter by topic. Educational content aligned with official definitions—not investment advice.
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What is the Commitments of Traders (COT) report?Basics
The COT is a public CFTC report that breaks down open interest in futures markets by participant type. It describes who holds contracts (long, short, spreading)—not the “fair price” or a buy recommendation. The CFTC publishes it to help the public understand market dynamics, without commenting on positions.
Does the COT predict crashes or the next S&P 500 move?Reading
No. The report documents a weekly snapshot of positioning. A high net, a COT Index at 90, or “extreme” crowding describes an unusual situation for a category—not a guaranteed reversal. ONELIX displays a historical observation, not a trading signal.
Does the CFTC provide a bullish or bearish interpretation?Basics
No. The CFTC does not comment on positions or make recommendations. Categories come from the primary activity declared on Form 40, not a market judgment. Any “bullish / bearish” reading is the user’s interpretation, not CFTC data.
What does the as-of date (Tuesday) mean?Calendar
It is the date of the position snapshot. The CFTC: “The COT reports provide a breakdown of each Tuesday’s open interest.” It is not the day you read the report. A U.S. holiday may shift the calendar—see the Release Schedule.
When is the COT published?Calendar
As a rule, on Friday at 3:30 p.m. Eastern Time, based on positions from the previous Tuesday. The CFTC receives files on Wednesday, verifies them, then publishes. ONELIX then ingests the report (typical cron: Friday evening Paris time).
Why are the figures already stale when I read them?Calendar
Because the as-of is a Tuesday and publication is Friday: a three-day lag, plus the time until you open the page. The market has moved in the meantime. Reading the COT as a real-time feed is a calendar mistake, not a charting one.
Why does the ONELIX chart separate Tuesday as-of and Friday close?Calendar
The CFTC net is as of Tuesday. Price is not in the COT: ONELIX aligns it to the Friday publication close (or the next close) to avoid look-ahead. The dashboard tooltip separates the two dates. Do not read them as simultaneous.
What is open interest (OI)?Basics
Open interest is the number of futures contracts still open (not offset, delivered, or exercised). At the market level, the sum of longs equals the sum of shorts equals OI. Rising OI means more contracts open—not necessarily a bullish market. Details: About the COT Reports.
What does Δ OI measure?Metrics
The change in open interest versus the prior week (total and sometimes by category). An increase can accompany long flows as well as short flows. It is not a vote on price direction.
Why show net as % of OI rather than in contracts?Metrics
Because a market’s OI changes over time (E-mini, Micro, contract success). % of OI, already published by the CFTC (“percents of open interest by category”), lets you compare a category to itself over many years. Raw contracts remain useful for absolute size.
What is the difference between long, short, spreading, and net?Metrics
Long = contracts bought and still open. Short = contracts sold short. Spreading = the same trader long and short in the same market (often two expiries)—not a directional bet. Net = long − short, excluding spreading. A positive net = the category is net long contracts, not a buy recommendation.
How does the CFTC calculate spreading?Metrics
CFTC FAQ: spreading = offsetting long and short positions of the same trader (different expiries, or futures vs options). Legacy example: 350 long and 200 short → 150 long, 0 short, 200 spread. Cross-market spreads are not counted. Add spreading on both sides to reconcile to OI.
What is the TFF (Traders in Financial Futures) report?TFF
It is the CFTC’s “financial” grid, for financial contracts (indices, FX, rates, CME crypto). It classifies large traders as Dealer/Intermediary, Asset Manager/Institutional, Leveraged Funds, Other Reportables, plus non-reporting remainder. Data since June 2006; report announced in 2010. Official notes: TFF Explanatory Notes (PDF).
TFF or Legacy: which to read for the S&P 500?TFF
TFF for institutional detail (AM, Lev, Dealers). Legacy for long history (Commercial / Non-commercial since 1986). The two do not map category by category: a Legacy “non-commercial” mixes profiles that TFF separates. On ONELIX, Nasdaq has TFF only.
How is a trader classified (Form 40)?TFF
The category reflects primary activity declared on Form 40, identical across all financial markets for the same trader. All positions in that contract are included, whether hedging or speculative. The CFTC may review plausibility; the exact motive for each position is not public.
Who are Asset Managers / Institutional?TFF
TFF notes: “institutional investors, including pension funds, endowments, insurance companies, mutual funds and those portfolio/investment managers whose clients are predominantly institutional.” On indices they are often structurally net long. On EUR/USD they are mainly FX overlays / mandates; on the 10Y a net long = long duration (futures price, not yield). A high COT Index = more long than usual for them, not a buy signal.
Who are Leveraged Funds?TFF
TFF notes: hedge funds and money managers, including registered CTAs and CPOs, or unregistered funds identified by the CFTC. More tactical than AMs. Crowding at the 90th percentile describes an unusual position for that category, not a market reversal.
What do Dealers / Intermediaries do in the COT?TFF
Sell-side: large banks and market makers. They tend to run matched books or offset risk across markets and clients (TFF notes). A dealer net often opposite AMs is not a “bet” against the index: it is often hedging another book (swaps, structured products, etc.).
Who falls under Other Reportables?TFF
Large reportable traders who are not Dealer, AM, or Leveraged Funds (corporates, other mandates). Fourth TFF category. Form 40 classification; individual names are not published.
What does Non-reportable mean?TFF
The remainder of open interest below the reporting threshold: total OI minus reportable traders’ positions. It is not “identified retail”—it is the aggregate of small accounts. The report exists only if at least 20 traders exceed the CFTC/exchange threshold.
What is the threshold to be “reportable”?Basics
It depends on the contract and is set with the exchange. The CFTC publishes a COT only if at least 20 traders exceed this threshold. Accounts below go to Non-reportable. The exact threshold is not the focus of the ONELIX dashboard: read the published aggregates.
What is the Legacy report?Legacy
The older grid: Commercial / Non-commercial / Non-reportable. CFTC history since January 1986. Less detail on who is “institutional.” On ONELIX it is offered if the market has a Legacy series (S&P 500, EUR/USD, US 10Y, Bitcoin, gold, cocoa—not Nasdaq).
Commercial vs non-commercial: hedgers vs speculators?Legacy
That is the common idea, but too neat. Commercial = primary activity tied to the asset (producers, consumers, hedging desks). Non-commercial = other reportables (often funds). A commercial may hold non-hedge positions; a non-commercial is not necessarily a “pure speculator.”
What is the COT Index (6 months / 3 years)?Metrics
An ONELIX measure, not a CFTC series. Index = 100 × (net − min) / (max − min) over 26 weeks (6 months) or 156 weeks (3 years). 0 = lowest net in the window, 100 = highest. An index at 80 is not a sell signal: the category is simply more long (or less short) than usual over that window.
What does crowding / 3-year percentile on Leveraged Funds mean?Reading
It is the rank of Lev net % OI over 156 weeks. Above the 90th (or z ≥ 1.5): extreme net long. Below the 10th (or z ≤ −1.5): extreme net short. This describes crowding—historically extreme positioning for that category. Not timing, not a reversal.
What does the 4-week Δ (flow) measure?Metrics
The change in net (in % OI points) between this report and four weeks ago. Positive = the category is more net than a month ago. It is flow, not timing. On the ONELIX banner, a dead band |Δ| < 0.5 pt avoids crying “loading” for noise.
What are LIN and LOG on the chart for?ONELIX
Price axis only. LOG compresses old rallies; LIN keeps point distance. CFTC nets stay linear. No effect on CFTC data.
Futures-only or Combined (futures + options)?Contracts
The CFTC publishes both: Futures Only, and Combined (futures plus options delta-equivalent). ONELIX ingests Futures Only only—Combined would be another measure for the same Tuesday, not “more data.” Do not mix the two vintages.
Why not add E-mini, Micro, and Consolidated on the S&P 500?Contracts
The CFTC publishes several lines (Consolidated, E-mini, Micro, AIR TR, annual/quarterly dividends). These are slices of the same ecosystem or other products, not markets to sum. ONELIX uses only the consolidated series (13874+). Code and size conversion details: COT guide · 6 S&P lines.
What is the COT difference between S&P 500 and Nasdaq 100?Contracts
S&P 500 (13874+): TFF + Legacy, ^GSPC overlay. Nasdaq 100 (20974+): TFF only, ^NDX overlay. EUR/USD, US 10Y Note, and CME Bitcoin: TFF + Legacy. ICE US gold and cocoa: Disaggregated + Legacy. OI is not comparable in raw contracts: use net % OI (Compare page, TFF × TFF only).
TFF, Disaggregated, Supplemental, Legacy: which report for indices?Basics
Legacy = older all-markets grid. Disaggregated = agriculture / energy / metals (Producer, Swap Dealer, Managed Money…). TFF = financial contracts (indices, rates, FX, CME crypto). Supplemental (CIT) = outside v2. For S&P and Nasdaq, the relevant grid is TFF. For gold and cocoa ONELIX shows Disaggregated. Details: COT guide · TFF vs Disagg families.
What is the Disaggregated report?Disagg
CFTC grid for physical contracts (agri, energy, metals): Producer/Merchant, Swap Dealers, Managed Money, Other, plus non-reporting. No TFF tab on gold or cocoa: the CFTC does not publish one. ONELIX ingests Futures Only only, as for TFF. Do not write “AM = Producer” or “Lev = Managed Money”: they are distinct populations.
Who are Managed Money?Disagg
Money managers in the Disaggregated report (hedge funds, CTAs in physical markets). Pedagogical analogy with TFF Leveraged Funds, not a CFTC identity. MM crowding describes an unusual position for that category, not a gold or cocoa reversal.
Who are Producer / Merchant?Disagg
Physical hedgers: producers, merchants, processors. They are not Asset Managers. A high index = more net than usual for them—often less short hedging, not a buy recommendation for gold or cocoa.
How to read the EUR/USD COT?Contracts
Euro FX CME, code 099741, TFF + Legacy grid. Long = long EUR vs USD. AMs mainly run FX overlays / mandates. Price overlay: Yahoo EURUSD spot (6E future fallback). Four decimals, LIN scale. Not “structurally net long on indices.”
Is the US 10Y Note COT the T-Bond?Contracts
No. CFTC code 043602 = UST 10Y NOTE (ZN future), not 30-year T-Bond (020601) or Ultra 10Y (043607). Overlay = futures price, never yield ^TNX (which would invert the chart). AM net long = long duration.
Is the Bitcoin COT spot bitcoin?Contracts
No. CME Bitcoin futures only, code 133741 (not micro 133742). TFF + Legacy grid. Default category: Leveraged Funds. LOG scale. Positions do not describe the spot market.
What is look-ahead (anticipation bias) on the COT?Reading
Using Tuesday as-of close as if you already had the report. But the report comes out Friday. A backtest that “knows” COT on Tuesday cheats. ONELIX aligns price to Friday publication to match information actually available.
Is a correlation between COT Index and price enough?Reading
No. A weak or unstable correlation (e.g. Lev vs index) is not an entry rule. Positioning can coexist with a long rally (AMs structurally long). Cross-check other context (LIX, credit, vol); do not trade COT alone.
How to read the “CFTC reading” banner (AM / Lev / flow)?Reading
TFF family: AM = 3-year COT Index; Lev = 3-year crowding percentile; flow = Δ net % OI over 4 reports for AM and Lev. Disagg family (gold, cocoa): same rules with Managed Money / Producer-Merchant—never AM/Lev. Legacy tab: Commercial = 3-year COT Index; Non-Commercial = 3-year crowding percentile; flow = Δ net % OI NC and Comm—never AM/Lev. Pills = range / crowding / loading-unwinding. Hover or “?”: fixed text, no advice.
What does a visitor vs a free ONELIX account see?ONELIX
Visitor: last 6 months per market. 1 year, 3 years, 5 years, and Max: free account (login or sign-up). Account: available history (TFF since 2006, Disagg since 2006, Legacy per contract) and 1 COT alert. Positioning is not behind BASIC/PREMIUM; COT Stats and alerts beyond the first are PREMIUM. Banner 3-year stats (index, percentile) are still computed on full history even if the visitor sees only 6 months of curves.
Is the COT dashboard paid?ONELIX
No. CFTC positioning (charts, history) is free. An account unlocks full history and 1 COT alert. COT Stats and alerts beyond the first require BeLucid PREMIUM.
Where does ONELIX data come from?ONELIX
From public CFTC reports (official files / Socrata), ingested weekly after publication. ONELIX does not fabricate longs/shorts: it computes views (% OI, COT Index, 4-week Δ, price overlay). Category definitions remain those of the CFTC.
When does ONELIX update the COT?ONELIX
After the CFTC Friday publication. Ingest typically runs at 10:30 p.m. Paris time. If the CFTC shifts (U.S. holiday), ONELIX follows the official calendar, not an invented date.
Can I export data to CSV?ONELIX
Yes, once logged in (dashboard CSV button). Columns follow CFTC fields / ONELIX features for the week. Respect the license and educational nature: this is not a real-time feed.
How to overlay multiple categories on the chart?ONELIX
Click a card body = focus that category (solo). Color pill: empty (+) to add the curve, filled to remove it. The last curve cannot be removed (“At least one curve”). Price remains the reference axis.
How to compare S&P 500 and Nasdaq in COT?ONELIX
Compare page: net % OI, 6-month COT Index, 52-week rolling correlation, TFF × TFF only. Never raw contracts (different OI). Refused if families differ (e.g. gold Disagg vs S&P TFF).
What happens on a U.S. holiday?Calendar
The CFTC Release Schedule may shift as-of or publication. ONELIX anticipates “next publication” from the last as-of; the official date remains the CFTC’s. When in doubt, open the CFTC calendar.
3:30 p.m. Eastern—what time in Paris?Calendar
Eastern Time = UTC−5 (winter) or UTC−4 (U.S. daylight saving). 3:30 p.m. ET ≈ 9:30 or 8:30 p.m. Paris depending on season. ONELIX ingest is scheduled after that window, not on top of it.
Is ONELIX COT investment advice?Legal
No. Educational and informational content. Not advice under AMF / MiFID II. Any investment decision depends on your situation, your horizon and, where applicable, a licensed adviser. See CGU article 3 ter. COT describes past, already public positions.
Can I cite or reproduce CFTC figures?Legal
COT reports are public CFTC publications. ONELIX reproduces them for information. For extensive commercial use, refer to CFTC conditions. Always cite the source and as-of date.
What are the dashboard “?” buttons for?ONELIX
They open an “In plain terms” + “CFTC / method” panel on the clicked term, KPI, or chart, with a link to the official source. On mobile, this is the main help (hover tooltips do not work). Also: this FAQ, the glossary, and the COT guide.
Where is a word-by-word glossary (TFF, OI, spreading…)?ONELIX
The glossary: each term has a plain version then the CFTC definition (or ONELIX method, marked as such). Unified with LIX terms, filterable by universe. Dashboard “?” and this FAQ remain the Q&A format.