I have created Artharjan Relative Strength indicator which shows the comparison of a Stock (script) either with Benchmark Index or with its respective sectoral index. If the Relative Strength value is more than Zero (Above Zero Line) then it means the Stock is outperforming the index and vise-a-versa A moving average is also added to smooth out data series. Traders can chose from the Benchmark/Sectoral indices as well as Moving Average Lookback period and moving average type for extra convenience. If the Relative Strength is strong then trader can look forward to taking bullish trade and Investor can think of investing in that particular script for a long term period (Or as long as Relative Strength line does not cross below zero line)
The Default Lookback period selected is 55 (Fib number) as it covers considerable /sufficient amount of range to find out relative strength of the stock.
The Relative Strength depends on the timeframe you chose... so feel free to adjust the Lookback period from 55 to any other number depending upon your trading/investment timeframe.
Added ROC of two different periods to the Relative Strength. If the short term ROC is greater than long term ROC then the chart would print Blue Cross at the bottom otherwise it would print Black Plus sign at the top indicating that ROC of the Relative Strength is falling.