OPEN-SOURCE SCRIPT
Updated Gold Value Rainbow
This indicator can only be used with 'GOLD' ticker. It is used to estimate Gold valuation based on major countries base money supply M0 such as US, EU, JP and CN. These 4 countries represent nearly 75% of total global money supply in the world. The chart will compare how gold value will move alongside with base money supply for comparison study. The chart presented here is just a relative comparison with some scaling and shifting so it doesn't refers to any real measurement. However it can be used to track gold price whether it's too cheap or too expensive in relative to money supply available in the market.
- The gray line represent major countries money supply M0
- The rainbow above the gray line represent the multiplication factors from 1x, 2x, ..., 10x
- The rainbow below the gray line represent the division factors from 0.8x, 0.6x, ..., 0.2x
Check other script to value stock and index:
- Stock Value Rainbow: script to value stock based on book value, earning, dividend and cash flow
- Index Value Rainbow: script to value index based on fed balance sheet and base money supply
- Gold Value Rainbow: script to value gold based on global money supply
- Stock Value US: script to check US stock value
- Stock Value EU: script to check EU stock value
- Stock Value JP: script to check JP stock value
- Stock Value CN: script to check CN stock value
- The gray line represent major countries money supply M0
- The rainbow above the gray line represent the multiplication factors from 1x, 2x, ..., 10x
- The rainbow below the gray line represent the division factors from 0.8x, 0.6x, ..., 0.2x
Check other script to value stock and index:
- Stock Value Rainbow: script to value stock based on book value, earning, dividend and cash flow
- Index Value Rainbow: script to value index based on fed balance sheet and base money supply
- Gold Value Rainbow: script to value gold based on global money supply
- Stock Value US: script to check US stock value
- Stock Value EU: script to check EU stock value
- Stock Value JP: script to check JP stock value
- Stock Value CN: script to check CN stock value
Release Notes
Adding M0/M1/M2/M3 Money Supply, so the users can select different money supply to track gold valuation.Release Notes
Fix calc bug on the latest releaseOpen-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.