In the Secrets For Profiting In Bull And Bear Markets that Stan Weinstein wrote,
it told about the Relative Strength=(price of XYZ/average price of Market).
Someone said it was wrong,could somebody explain the right formula to me,please?
Weinstein's stuff is based on simple moving averages. 30 week and 200 day from memory. The beta you are looking for is not against 'the average price of the market', but against a specifically selected basket of assets against which the correlation is made. The selection being tuned to the target asset.