I use 黑色做底, light on metallic black. Then I use black+metallic black+ silver for highlight. Then sometimes I use brown wash or Mig pigments.
In other forums we talk about this too. here I show you different way other people paint tracks:
A lot of different takes on this ..For me I start with a dark greyish Black color and then add a very heavy oil wash of Burnt Umber and Raw Umber ...after that I go for the dirt color washes and pigments but if you like em clean try just the washes...Of course there is always the shine on the part of the track that contacts the road.
Rick
usually paint mine witha base of flat black (primer) then airbrush them burnt umber or a very dark brown. and then give them washes of either rust colors and/or dirt colors, varies with each model.
Tim
German AFV tracks had alot of Magnisium in them, thus they really don't turn a bright orange. A deep red brown seems best. Even at the factory they would show some amount of oxidation as most were not painted.
John
Now if my sherman had been abandoned for a while I might have said wow but ...I had some work to do to make the usable..

Now back to your question ...It's really hard to decide what is really realistic ...depends on what type of vehicle you're modelling ...depends on where the model is supposed to be ..If you model a panzer IV in the dessert the tracks should be quite shiny ,but if you have the same Panzr IV in the fall in Russia ..well they'll just be covered in mud ...I think each technique mentioned here has merit and I think it's up to you to decide what's real for you ...I don,t think any of us do tracks saying it doesn't look realistic ..it's just our view of reality .
Rick
These are the 3 people I regard highly on German AFV modeling. Two of them are published and one is a German armor historian. I learned many things from them... maybe you can find something interesting in their writing.