Williams x Briese Hybrid CoT Index

After studying the below CoT (Commitments of Traders) books from ICT's recommended library, I learned that both Larry Williams and Stephen Briese use the same formula for their CoT Index:

COT Index = ((Current Net Position - Lowest Net Position) / (Highest Net Position - Lowest Net Position)) * 100 using a 3-Year lookback period.

Books:
Trade Stocks and Commodities with the Insiders: Secrets of the COT Report by Larry Williams
The Commitments of Traders Bible: How To Profit from Insider Market Intelligence by Stephen Briese

Williams and Briese differ in their plotting of the CoT Index formula in the following ways:

Williams uses a line plot, with thresholds at 25% & 75%
Briese uses a histogram plot, with thresholds at 5% & 90%

I decided to make a "hybrid" indicator of their CoT Index by using Larry Williams' classic line plot instead of a histogram, but with Briese's stricter thresholds of 5% and 95%.

The code is a bit of a remix of the "ICT Commitment of Traders°" indicator by "toodegrees" and is meant for use in a new pane below a Weekly Chart.

You can complement your usage of this indicator with another indicator I've published as shown in the chart above: Briese CoT Movement Index, which you can find on my scripts page. For proper usage, refer to The Commitments of Traders Bible and Trade Stocks and Commodities with the Insiders

As it is, this indicator incorporates the ±40 point "surge" from the Briese CoT Movement Index indicator in the form of labels that are visible above a below the 100% and 0% levels. The green labels at the top indicate buying surges >=40 while the black labels at the bottom indicate selling surges <=-40. If you hover over these labels, you'll see the tooltip for the value of the Movement Index. Again, if you complement this Williams x Briese Hybrid CoT Index with the Briese CoT Movement Index, you'll see the labels from the index align with the points on the histogram which exceed the ±40 levels.

NOTE: This indicator only works with futures contracts, such as on the symbols/codes for:
DX1
6E1
6A1
6B1
6N1
6C1
6S1
6J1
6M1
6Z1
SI1
GC1
PA1
PL1
HG1
BTC1
ETH1
ES1
NQ1
NIY1
CL1
NG1
HO1
RB1
ZB1
ZS1
LE1
HE1

Usage:
Open this indicator in a new pane on a Weekly chart which has one of the listed futures contracts open. It provides insight on the net commercial CoT position, indexed from 0-100%, based on Briese's or Williams' standard 3-year lookback period. Can be used in conjunction with the "Briese CoT Movement Index" which I've published separately. Refer to the books listed above for detailed insight on the theory behind these indicators.

Additional Note, October 14, 2025: Back when I published this indicator originally in July 2025, PineCoders delisted it because my description was in violation of the house rules. Fans of my "Briese CoT Movement Index" have been reaching out, and thus I've decided to republish this indicator, refining the description as much as possible.

Also, please be aware that the CFTC has posted a special announcement on their website: "October 1, 2025: During the shutdown of the federal government, Commitments of Traders Reports will not be published. When the federal government operations return to normal, CFTC will resume publication of the Commitments of Traders in chronological order."

Until the CFTC begins publishing the CoT reports again, the indicator will display data only up to late September 2025.