Relative Strength (RS) is an Indicator which measures a Stock's performance as compared to a Benchmark Index or another Stock.

For example: RS will tell you whether “A” is increasing more or less than “B” in any market condition. It is one of the tools which is best suited for Momentum Investing.

How RS can be used as a Momentum Indicator:
RS is used in identifying both the strongest and the weakest stock, or any asset class, within the market. Usually, the stocks which display strong or weak RS over a given time period tend to continue to move in the same direction.

How to calculate Relative Strength:
Divide change of "A" over some time period by the change of a particular index/stock "B" over the same time period.
This indicator oscillates around zero. If the value is greater than zero, "A" has been relatively strong compared to "B", during the selected period; if the value is less than zero, "A" has been relatively weak.

Configuration & Default settings:
The Relative symbol can be Input, default is Nifty50.
Time frame can be set, I recommend setting to Day. Default time frame is set to same as chart.
Four different periods can be set. Default values are 500, 250, 125 & 63. If time frame is set as 'Day', these numbers correspond to 2 years, 1 year, 1/2 year & 1 quarter.

Example chart: NiftyMidCap100 with Quad RS indicator with Nifty50 used as Relative Symbol, Four periods: 500, 250, 125 & 63

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