Shatterfield Tradestation COT Indicator Package - [Download]

These instructions are for working with TradeStation 8.1 or higher. If using version 8.1, the latest build may be required to use third-party data.

The first step in using the Shatterfield COT data with TradeStation is to Download, install, and configure the Shatterfield Downloader program. If you have not already done so, install and configure the Downloader using the detailed instructions. The following assumes you have installed the program and configured the Downloader options (including your username and password). It's also important you check in options to make sure you have MetaStock File Format checked. When ready, double-click on the Downloader icon (img#1 below) to start the program. The icon should be located either on your desktop, or possibly in your quick launch on the task bar. img#2 shows the program opened and ready to download data.

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Go ahead and click on the Download button. Since you have not previously downloaded, allow approx 2-3 minutes (assuming a broadband connection) to initialize and download the data files. You are downloading over 750,000 records, so please be patient! For future reference, once you have downloaded the data and created your historical base files, subsequent weekly downloads will be much shorter.

After you finish downloading the COT data, the downloaded files will be located on your hard drive in C:\Metastock Data\COT. Use your windows explorer to navigate to the files (as shown in img#3 below). You should remember this location, as you will need to know it when loading the data into TradeStation. When the download is complete, you are ready to import the data into TradeStation.

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The indicators are designed to be used in a charting window in which you have four (4) sets of data. When you are done setting up your data, the Format Data Window will look like the screen shot below (img#4). Note that the futures data is in Data1, the COT Commercials data is in Data2, the COT Non-Commercials data is in Data3, and the COT Small Traders data is in Data4. You can have other data files below Data4 if you wish. To operate correctly, however, the TradeStation version of the Shatterfield indicators must have the COT data as shown in the image (img#4).

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After creating your charting window and putting in the future (or Forex) data into Data1, the following steps will be necessary to load the COT data into the next three data positions. We will use the US Bonds futures in our example.

First, load the US Bonds futures contract into Data1 in the normal way. Be sure to have the interval set as daily as the COT data is "end-of-day" data and will not run with intraday data in the same window.

Next, find the COT data by using the 3rd Party Data tab as shown in the following sequence of screen shots. Note that after clicking on the 3rd Party Data tab, the Data Source pull-down will be empty. You will need to use the "Add" button to find the folder where the data resides. It is located, as shown below, in the C:\Metastock Data\COT folder.

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After you point TradeStation to where the files are, select the COT data file that corresponds to the futures or Forex symbol that you have in Data1. In the screen shot below (img#6), you will see that the TBONDS-C file is selected. This is the file that contains the Commercials data. Below that file are TBONDS-N and TBONDS-S, which contain the Non-Commercials and Small Traders data, respectively. Each of these files needs to be inserted into the Data2, Data3 and Data4 positions respectively.

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The first time that you load one of these COT data files into a TradeStation window, you will need to go through the following three steps to initialize the data in TradeStation format.

1. Format Symbol - Accept the default settings and click on "NEXT".

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2. Format Symbol - Accept the default settings and click on "NEXT".

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3. Format Symbol - Accept the default settings and click on "NEXT".

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This three-step process must be repeated for each COT data file the first time you load that file into TradeStation. It needs to be done only once for each file. The next time you load this file, it will be formatted properly and these steps will not need to be repeated.

It is suggested that, if you want to display the actual data on your window, that you format the COT data to be "line on close" and make the colors Bright Blue for the Commercials Data2, Light Green for the Non-Commercials Data3, and Bright Red for the Small Traders Data4. That will give the same color scheme as the indicators as shown on the Shatterfield website illustrations. When you are finished with this loading process, your chart window will look like the screen shot below (img#10).

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If you are planning to put the Shatterfield indicators in the window, it is suggested that you format the COT data files to be "hidden" rather than show on the respective graphs 2, 3 and 4 as illustrated above. That way, the indicators will not be confused with the data charts. To hide the COT data, select the "Hidden" option in the Scaling tab in the Format Symbol window as shown below (img#11).

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The Shatterfield TradeStation Indicator package is available for download either at the top of this page, or on the Downloads page.

Right-click on the file and save them to a folder that you will remember (or save them to your Desktop).

The three Shatterfield indicators included in the file are listed below.

• COT-Net Positions
• COT-Open Interest
• COT-Strength
• COT-Strength Lines

These indicators are contained in the file named: shat_tradestation_cot_indicators.eld.

To import them into TradeStation, select the "Import/Export EasyLanguage" option under the "File" tab as shown below (img#12).

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From the next window, select the "Import EasyLanguage file (ELD, ELS or ELA)" choice and click on Next.

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At the next window, use the "Browse" button to find the shat_tradestation_cot_indicators.eld file on your computer, and then click on the "Next" button. If you do not remember the folder where the file is located, you can use the "Scan" button to have TradeStation find all of your .eld files for you and then you can select it from the drop down menu.

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After you click on the "Next" button, you will be asked to select the Analysis Types on which the indicators are to be used. They are designed for use only on the "Indicator" type, so simply select "Next".

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The next window will let you select which indicators from the file you wish to import. All are selected by default. Simply click on the "Finish" button to finish the process and TradeStation will import the files and go through the process of verifying them. The indicators are password protected so you will not be able to open the EasyLanguage file to edit them without obtaining the password from Shatterfield.

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The indicators should now be imported and ready to use. Note that there are four indicator files. The last two shown above are used together to replicate the one Strength indicator.

To replicate the appearance of the indicators on the Shatterfield tutorial videos, it is recommended that you set up the data files as shown below (img#9). The Data1 should be the futures or Forex symbol that you will be trading. Data2, Data3 and Data4 should be set up with the Commercials, Non-Commercials and Small Traders COT files respectively.

Even though the symbol you will be trading is in Data1, it will not be shown on the top graph. To replicate the Shatterfield appearance, we want to place the symbol from Data1 on Graph16 as shown below (img#10).

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To insert the indicators into your charting window, select all four of the indicators from your "Insert Analysis Techniques" option on the drop down menu under "File". Then click on the OK button. Be sure to have the "Prompt for Format" box checked or the indicators will go immediately to the charting window and not give you the opportunity to decide placement on the window.

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On the "Inputs" tab, there are three input fields. However, there is no need to make any changes on these fields. The quantity in the value field is Zero on all three lines, simply as a placeholder. The purpose of these input fields is to remind you that the Commercials data file should be in Data2 {C=d2}, that the Non-Commercials data file should be in Data3 {N=d3}, and that the Small Traders data file should be in Data4 {S=d4}. If you do not have your data files set up properly, the indicators will not produce accurate results. Do not change these settings. Just remember that they are reminders about where to have your data files.

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The only other input necessary is to indicate the graph where the indicator is to be displayed on the chart. Under the "Scaling" tab, select Sub-graph 1 for the COT-Net Positions indicator; select Sub-graph2 for the COT-Open Interest indicator; and select Sub-graph 3 for BOTH the COT-Strength and the COT-Strength Lines indicators. Be sure that all of them have the "Scale On:" option set to Right Axis.

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Your window should now look like the screen shot below (img#11). The Net Positions is on the top graph, Open Interest on the second graph, Strength Indicator on the third graph with the dotted lines at 20, 40, 50, 60, and 80, and your futures or Forex price chart at the bottom. By opening the Data Window and setting it beside your chart window, you can see the descriptions and the COT numbers as well as the price data for your trading symbol.

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You can modify the colors and other features of the indicators just as any other TradeStation indicator. The default settings, however, should replicate the appearance of the indicators on the Shatterfield website and tutorials.

You are now all set up and can begin trading.

Happy Trading!

Paul Lorenzen
Converse, Texas
paullorenzen@lorenzenfamily.com

Special thanks to Paul for contributing his time and effort to produce this valuable resource. Shatterfield Staff

NOTE: A .PDF version of these instructions is available for download on the Downloads page in the Tradestation section.