The Tesla Supertrend Strategy is a customized trading view script designed to generate trading signals for Tesla stock or other related assets. This strategy combines various technical indicators and conditions to identify potential long and short opportunities.
The strategy relies primarily on the following key indicators:
Supertrend Indicator: The Supertrend combines price data and Average True Range (ATR) to identify significant trend direction. The strategy uses the default 10-period Supertrend to determine bullish or bearish trends.
Relative Strength Index (RSI): The strategy employs multiple RSI conditions with different periods (21, 3, 10, and 28) to assess overbought and oversold conditions in the market. These RSI conditions help confirm the strength of potential trading signals.
Average Directional Index (ADX): The Average Directional Index (ADX) is used to measure the strength of a trend. Customizable parameters allow fine-tuning of ADX signals by controlling the smoothing and DI length.
Trading Logic:
Long Entry Signal: A long entry signal is generated when the following conditions align:
Exit Signal: A long position is closed when either of these conditions occur:
The strategy has the following advantages:
The strategy also carries the following risks:
The strategy can also be improved in the following aspects:
In summary, the Tesla Supertrend Strategy aims to identify quality entry and exit points by judging strong trend with a combination of indicators. Compared to single indicators, it can filter out false signals and trade when the trend and strength align. However, optimization and risk control must be done prudently without relying solely on historical performance for live trading. With continual testing and tuning, this strategy has the potential to become a valuable tool for trading Tesla or other assets.
/*backtest start: 2023-09-29 00:00:00 end: 2023-10-29 00:00:00 period: 2h basePeriod: 15m exchanges: [{"eid":"Futures_Binance","currency":"BTC_USDT"}] */ // © cjones0313 //@version=5 strategy("TSLA 1.8k Strategy", overlay=true, default_qty_type=strategy.percent_of_equity, default_qty_value=100) // a measure of volatility, default 10 - measured over 10 bars // modifying the value > 10 results in a smoother supertrend line, filter out noise but slower response to price changes // modifying the value < 10 results in faster response in price changes, but may result in more false signals atrPeriod = input(19, "ATR Length") // sets factor for supertrend line made up of price and ATR, this determines how much weight is given to each, default 3.0 // increasing the value > 3.0 results in faster response in price changes, but may result in more false signals // decreasing the value results in filtering out noise, but may miss smaller price movements factor = input.float(3.0, "Factor", step = 0.01) // direction = 1 bullish, -1 bearish [_, direction] = ta.supertrend(factor, atrPeriod) adxlen = input(7, title="ADX Smoothing") dilen = input(7, title="DI Length") dirmov(len) => up = ta.change(high) down = -ta.change(low) plusDM = na(up) ? na : (up > down and up > 0 ? up : 0) minusDM = na(down) ? na : (down > up and down > 0 ? down : 0) truerange = ta.rma(ta.tr, len) plus = fixnan(100 * ta.rma(plusDM, len) / truerange) minus = fixnan(100 * ta.rma(minusDM, len) / truerange) [plus, minus] adx(dilen, adxlen) => [plus, minus] = dirmov(dilen) sum = plus + minus adx = 100 * ta.rma(math.abs(plus - minus) / (sum == 0 ? 1 : sum), adxlen) sig = adx(dilen, adxlen) if ta.change(direction, 1) < 0 and ta.rsi(close, 21) < 75 and ta.rsi(close, 3) > 65 and ta.rsi(close, 28) > 49 and sig > 21 strategy.entry("Long Entry", strategy.long) if ta.change(direction, 1) > 0 or ta.rsi(close, 10) < 42 strategy.close("Long Entry")template: strategy.tpl:40:21: executing "strategy.tpl" at <.api.GetStrategyListByName>: wrong number of args for GetStrategyListByName: want 7 got 6