OPEN-SOURCE SCRIPT
Gold Certificate vs Gram Gold – Price Difference
📌 Gold Certificate vs Gram Gold – Price Deviation Indicator
✅ Overview
This indicator is designed to analyze and visualize the price discrepancy between the Turkish Gold Certificate (BIST:ALTIN) and the international Gram Gold price (FX_IDC:XAUTRYG).
It helps investors identify whether the certificate is overvalued (premium) or undervalued (discount) compared to its theoretical price.
📐 What Does It Calculate?
In theory:
1 BIST Gold Certificate = 1/100 of Gram Gold price
However, in practice, this parity is rarely exact due to:
Local supply & demand
Limited liquidity in BIST
Investor sentiment
Timezone differences and market hours
This indicator calculates:
The % difference between actual certificate price and its theoretical value
The 100-day average of that difference for baseline comparison
🔍 Why Is This Useful?
Understanding the premium/discount level is crucial for:
Gold investors in Turkey who want to avoid buying overpriced certificates
Arbitrage traders seeking deviation opportunities between spot gold and certificate price
Long-term holders who want to enter at fair value or during discounts
Fundamental analysts who evaluate local sentiment divergence from international price
📊 What Does It Display?
% Price Difference
How much the certificate is trading above or below its theoretical price
100-Day Moving Average of the Difference
Historical baseline to understand if the current gap is excessive
Status Tag (Color-coded):
🔶 Expensive → Current difference is higher than 100-day average
🟢 Cheap → Current difference is below 0%
🔸 Normal → Within average range
Market Warning
A reminder to switch to a 24-hour chart like XAUTRYG when BIST is closed, as stale data may lead to misleading signals.
Multi-language Support
All interface text can be displayed in either Turkish or English, based on user selection in the settings.
⚙️ How to Use
Add the indicator to any chart
For the most accurate readings, open it on a 24/7 active symbol (e.g., XAUTRYG)
Watch the table in the top-right corner to track:
Current % Difference
100-Day Average
Market Status (Expensive, Cheap, Normal)
Pay attention to overbought conditions (e.g. +10%) as a signal to avoid buying
💡 Practical Example:
If:
Gram Gold = 2000 TRY
Theoretical ALTIN = 2000 / 100 = 20 TRY
But BIST:ALTIN is trading at 22.50 TRY → +12.5% premium
This tool would mark the certificate as 🔶 Expensive, showing that local traders are paying significantly more than the real value of gold.
🚨 Note:
Values may temporarily distort when BIST is closed and global gold continues to move.
This is not a buy/sell signal tool, but a valuation tool to assist in decision-making and timing.
🙌 Final Words
This indicator is ideal for:
Retail traders
Portfolio managers
Gold ETF analysts
Long-term investors
Use it to avoid overpaying during high-premium periods and to detect favorable buying windows.
If you find it useful, please like, save, and share!
Feel free to leave feedback or suggestions in the comments.
✅ Overview
This indicator is designed to analyze and visualize the price discrepancy between the Turkish Gold Certificate (BIST:ALTIN) and the international Gram Gold price (FX_IDC:XAUTRYG).
It helps investors identify whether the certificate is overvalued (premium) or undervalued (discount) compared to its theoretical price.
📐 What Does It Calculate?
In theory:
1 BIST Gold Certificate = 1/100 of Gram Gold price
However, in practice, this parity is rarely exact due to:
Local supply & demand
Limited liquidity in BIST
Investor sentiment
Timezone differences and market hours
This indicator calculates:
The % difference between actual certificate price and its theoretical value
The 100-day average of that difference for baseline comparison
🔍 Why Is This Useful?
Understanding the premium/discount level is crucial for:
Gold investors in Turkey who want to avoid buying overpriced certificates
Arbitrage traders seeking deviation opportunities between spot gold and certificate price
Long-term holders who want to enter at fair value or during discounts
Fundamental analysts who evaluate local sentiment divergence from international price
📊 What Does It Display?
% Price Difference
How much the certificate is trading above or below its theoretical price
100-Day Moving Average of the Difference
Historical baseline to understand if the current gap is excessive
Status Tag (Color-coded):
🔶 Expensive → Current difference is higher than 100-day average
🟢 Cheap → Current difference is below 0%
🔸 Normal → Within average range
Market Warning
A reminder to switch to a 24-hour chart like XAUTRYG when BIST is closed, as stale data may lead to misleading signals.
Multi-language Support
All interface text can be displayed in either Turkish or English, based on user selection in the settings.
⚙️ How to Use
Add the indicator to any chart
For the most accurate readings, open it on a 24/7 active symbol (e.g., XAUTRYG)
Watch the table in the top-right corner to track:
Current % Difference
100-Day Average
Market Status (Expensive, Cheap, Normal)
Pay attention to overbought conditions (e.g. +10%) as a signal to avoid buying
💡 Practical Example:
If:
Gram Gold = 2000 TRY
Theoretical ALTIN = 2000 / 100 = 20 TRY
But BIST:ALTIN is trading at 22.50 TRY → +12.5% premium
This tool would mark the certificate as 🔶 Expensive, showing that local traders are paying significantly more than the real value of gold.
🚨 Note:
Values may temporarily distort when BIST is closed and global gold continues to move.
This is not a buy/sell signal tool, but a valuation tool to assist in decision-making and timing.
🙌 Final Words
This indicator is ideal for:
Retail traders
Portfolio managers
Gold ETF analysts
Long-term investors
Use it to avoid overpaying during high-premium periods and to detect favorable buying windows.
If you find it useful, please like, save, and share!
Feel free to leave feedback or suggestions in the comments.
Script open-source
In pieno spirito TradingView, il creatore di questo script lo ha reso open-source, in modo che i trader possano esaminarlo e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricorda che la ripubblicazione del codice è soggetta al nostro Regolamento.
Per un accesso rapido a un grafico, aggiungi questo script ai tuoi preferiti: per saperne di più clicca qui.
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.
Script open-source
In pieno spirito TradingView, il creatore di questo script lo ha reso open-source, in modo che i trader possano esaminarlo e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricorda che la ripubblicazione del codice è soggetta al nostro Regolamento.
Per un accesso rapido a un grafico, aggiungi questo script ai tuoi preferiti: per saperne di più clicca qui.
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.