The entropy formula
Password strength is measured in bits of entropy — how many guesses, on average, a brute-force attacker would need. It depends on the size of the character pool and the length:
The pool grows as you add character types: 26 for lowercase, +26 uppercase, +10 digits, +~32 symbols, up to about 94 printable characters. Every extra character multiplies the number of possibilities, so length matters far more than complexity.
Worked example
A 12-character password using lowercase, uppercase and digits (pool 62):
What really matters
This estimate assumes a random password. Real passwords based on dictionary words, names, keyboard patterns or simple substitutions (like Tr0ub4dour) are far weaker than their entropy suggests, because attackers try those first. The strongest, most usable approach is a long random passphrase or a password manager generating unique random passwords per site.