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I feel rather lazy now, all I do is paint the track with oily steel and then wash it with nuln oil.
I used to paint tank tracks in an appropriate metallic and/or rubber colour, but these days I just paint the tracks and running gear in a mud colour. The tracks themselves then get a dark inkwash and a light metallic highlight on the raised metal parts.They look a lot more like the tracks on all the working tracked vehicles I've seen.