How to Read a COT Report
Read long and short positions, weekly changes, flips and rolling percentiles without overstating what delayed positioning data can show.
Long, short and net
Long and short totals are reported separately. Net is long minus short; it is a compact comparison but should not replace gross-position or open-interest context.
Weekly and four-report change
Squawkdeck compares the latest observation with the preceding available report and the fourth preceding available report. Missing weeks are not interpolated.
Percentiles and extremes
A rolling percentile ranks the current net position within an available 13, 52 or 156-report window. It describes historical position, not valuation or a price target.
Flips and common mistakes
A flip crosses zero between available reports. Avoid calling every Leveraged Fund position “speculators,” mixing Futures Only with Options Combined, or treating delayed positioning as a live trade instruction.