Institutional Flow
Analyzing CFTC Commitment of Traders (COT) reports to track large speculator sentiment and extreme positioning.
Speculators
Hedge funds and CTAs betting on directional moves. Key trend-following group.
Commercials
Banks and hedgers. Usually contrarian to specs at extremes.
Percentile
Relative ranking vs 52-week history. >80% or <20% indicates extremes.