Relative Strength by Momentrade

Relative Strength Indicator (Index Comparison)
This Pine Script indicator displays the Relative Strength (RS) of the selected instrument compared to a benchmark index, primarily designed for Nifty. It measures performance comparison, helping traders identify whether the asset is outperforming or underperforming the index over a chosen period.

A rising Relative Strength line indicates outperformance, while a falling line signals underperformance. This tool is ideal for trend confirmation, stock selection, and strength-based trading, allowing users to focus on strong assets during bullish markets and avoid weak ones. The indicator is fully customizable and can be applied to any index, stock, or timeframe.