Updated
GC / MGC / GLD Cash-Close Ladder Jessnat
This indicator builds a dynamic price ladder for Gold Futures (GC / MGC) based on the relationship with GLD (Gold ETF) using the previous U.S. cash session close.
It mirrors ETF-to-futures alignment, allowing you to visualize where gold futures are trading relative to their implied GLD value.
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How it works
• The script captures the previous cash close (3:59–4:00 PM New York time) for:
• GC1! (Gold Futures)
• GLD (Gold ETF)
• It calculates a fixed daily ratio:
GC / GLD
• Using this ratio, the script:
• Converts the current GC/MGC price into an implied GLD value
• Rounds it to your selected step size
• Builds a ladder of levels above and below
• Converts those levels back into GC/MGC price levels
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What appears on chart
• Horizontal levels plotted on GC or MGC charts
• Each level represents a GLD-equivalent value
• Labels display the corresponding GLD price
• Center level reflects the current rounded implied GLD
• Symmetrical structure above and below the center
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Why use this
• Identify structured levels derived from ETF alignment
• Spot potential mean reversion and extension zones
• Understand how futures are trading relative to cash-based value
• Useful for intraday structure, execution, and bias
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Key concept
Gold futures (GC / MGC) and GLD move together, but not on a 1:1 scale.
This script normalizes that relationship into a structured ladder based on actual market closes rather than arbitrary levels.
⸻
Notes
• Designed for GC and MGC charts
• Uses GC1! as the futures anchor for both contracts
• Ratio updates once per day after the New York cash close
• Levels are based on price, not contract size
It mirrors ETF-to-futures alignment, allowing you to visualize where gold futures are trading relative to their implied GLD value.
⸻
How it works
• The script captures the previous cash close (3:59–4:00 PM New York time) for:
• GC1! (Gold Futures)
• GLD (Gold ETF)
• It calculates a fixed daily ratio:
GC / GLD
• Using this ratio, the script:
• Converts the current GC/MGC price into an implied GLD value
• Rounds it to your selected step size
• Builds a ladder of levels above and below
• Converts those levels back into GC/MGC price levels
⸻
What appears on chart
• Horizontal levels plotted on GC or MGC charts
• Each level represents a GLD-equivalent value
• Labels display the corresponding GLD price
• Center level reflects the current rounded implied GLD
• Symmetrical structure above and below the center
⸻
Why use this
• Identify structured levels derived from ETF alignment
• Spot potential mean reversion and extension zones
• Understand how futures are trading relative to cash-based value
• Useful for intraday structure, execution, and bias
⸻
Key concept
Gold futures (GC / MGC) and GLD move together, but not on a 1:1 scale.
This script normalizes that relationship into a structured ladder based on actual market closes rather than arbitrary levels.
⸻
Notes
• Designed for GC and MGC charts
• Uses GC1! as the futures anchor for both contracts
• Ratio updates once per day after the New York cash close
• Levels are based on price, not contract size
Release Notes
Update v1.1:Improved label positioning using bar_index for consistent right-side extension.
No changes to calculation logic.
Release Notes
Added a top-right ratio box showing locked and live GLD↔GC ratios plus previous closes, and corrected the cash-close logic to use the most recent close-window value.
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.
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.