NIFTY INDEX VS STOCK Relative Strength

Relative Index is a ratio of a stock price performance to a market average performance. It is used in technical analysis . It is not confused with RSI indicator. To calculate the relative strength of a particular stock,divide the percentage change over some period by the percentage change of a particular index over the same time period.A stock with a higher relative strength than the overall index often shows a strong investment opportunity. Relative strength is a technique used in momentum investing and identify value stock.The goal of relative strength investing is to buy high and sell even higher.
Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

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