Relative True Shooting is an extension of the True Shooting metric that shows a player's scoring efficiency compared to the rest of the league. It's calculated by subtracting league-wide TS% from a player's own TS%.
A good Relative True Shooting % is anything positive. Anything above +5% is pretty exceptional. That said, the same positional limitations that True Shooting % itself faces still apply, so it's worth reading rTS% alongside a player's role, not in isolation.
Yes. If a player's True Shooting % is below the league average for that season, their rTS% will be negative.
rTS% makes it much easier to see at a glance whether a player is performing above or below average, since it's already measured against the league baseline instead of leaving you to compare a raw TS% number against context in your head.