Copper to Gold Ratio

ratio = copper / gold: Calculates the ratio by dividing copper price by gold price.

plot(ratio): Plots the ratio as a blue line.

ma = ta.sma(ratio, 20): Adds a 20-period simple moving average (optional) to smooth the ratio, plotted as a red line.

A rising Copper/Gold ratio often signals economic expansion (strong copper demand relative to gold), while a falling ratio may indicate economic uncertainty or recession fears, as gold outperforms copper.

The ratio is also used as a leading indicator for 10-year U.S. Treasury yields, with a rising ratio often correlating with higher yields.