Difference between weekly and daily Open Interest #s

Discussion in 'Systems and Methods' started by fxsailor, Dec 10, 2014.

  1. fxsailor

    fxsailor Member

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    I am a ICT follower along with reading Larry Williams book on the COT data. One thing I have noticed is looking at Open Interest from barchart dot com. The OI for the same comodidity differs between the daily and weekly charts. Does anyone know why?

    Here is an example:
    Daily nearest. OI 180,559
    http://www.barchart.com/chart.php?sym=B6Z14&style=technical&template=&p=DN&d=X&sd=&ed=&size=M&log=0&t=CANDLE&v=1&g=1&evnt=1&late=1&o1=&o2=&o3=&sh=200&indicators=COTLC%2813369344%2C26112%2C153%29&chartindicator_2_code=COTLC&chartindicator_2_param_0=13369344&chartindicator_2_param_1=26112&chartindicator_2_param_2=153&addindicator=&submitted=1&fpage=&txtDate=
    Weekly nearest OI 90,299
    http://www.barchart.com/chart.php?sym=B6Z14&style=technical&template=&p=WN&d=X&sd=&ed=&size=M&log=0&t=CANDLE&v=1&g=1&evnt=1&late=1&o1=&o2=&o3=&sh=200&indicators=COTLC%2813369344%2C26112%2C153%29&chartindicator_2_code=COTLC&chartindicator_2_param_0=13369344&chartindicator_2_param_1=26112&chartindicator_2_param_2=153&addindicator=&submitted=1&fpage=&txtDate=
     
  2. sqa

    sqa Village Scribe

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    Barchart's OI has some problems, especially during the Rollover period. I've noticed this before.
     
  3. fxsailor

    fxsailor Member

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    does anyone have a better source for OI ??
     
  4. jinirav75

    jinirav75 Well-Known Member

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    Not sure if this is helpful but found some very useful information on open interest, volume and price here.

    http://www.atradersnotepad.com/module-8-trading-sentiment-news-correlation/trading-the-cot

    Some sources of open interest on daily basis as suggested by above site here

    http://futures.tradingcharts.com/chart/E6/

    http://www.timingcharts.com/
     
  5. fxsailor

    fxsailor Member

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    Thanks for the links. The interesting thing is the trading charts does the same thing with a different OI number between the daily and weekly.
     
  6. jinirav75

    jinirav75 Well-Known Member

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    Possibly the best option is to download the data in an excel form and create our own chart! Any excel experts here to show how this can be done?
     
  7. foreigner

    foreigner Est. 12480 Hours and Counting

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  8. jinirav75

    jinirav75 Well-Known Member

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    Have you used this and is this useful only for long term trades? Any other source for monitoring OI on a daily basis? Thanks
     
  9. jinirav75

    jinirav75 Well-Known Member

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    Also, do we need to use it on currency futures chart as opposed to spot chart (assume most MT4 charts are spot charts)? Do we have any MT4 broker showing currency futures charts? Thanks
     
  10. foreigner

    foreigner Est. 12480 Hours and Counting

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    Its just another indicator, you can use it for trend following, gauging institutional sentiment or to anticipate turns which are usually preceded by a divergence on the weekly time frame. Like any indicator its only "right" 2/3 of the time, not to be relied on and no more useful than a moving average cross or RSI for intrday trading.
     
  11. TheInnerCircleTrader

    TheInnerCircleTrader Well-Known Member

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    Open Interest is viewed in contract month and TOTAL OPEN INTEREST.

    The Smart Money can't hide their actions if you view total Volume & Open Interest.

    Contract Month OI is not the "Big Picture".
     
  12. jinirav75

    jinirav75 Well-Known Member

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    I am a bit confused here. Can someone please clarify this? Thanks
     
  13. jinirav75

    jinirav75 Well-Known Member

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    Does anyone know about an excel template for COT graphing? Many thanks
     
  14. jinirav75

    jinirav75 Well-Known Member

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    http://www.barchart.com/chart.php?sym=E6H15&style=technical&template=&p=WN&d=M&sd=&ed=&size=M&log=0&t=CANDLE&v=1&g=1&evnt=1&late=1&o1=&o2=&o3=&sh=100&indicators=&addindicator=&submitted=1&fpage=&txtDate=
     
  15. jinirav75

    jinirav75 Well-Known Member

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    Is the open interest on the chart is Total Open Interest as ICT specify? Thanks
     
  16. outthislife

    outthislife Well-Known Member

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    yes
     

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