This strategy plots RSI and Bollinger Bands on the price chart. It calculates the 14-period RSI and 4-period RSI to detect overbought and oversold conditions. The strategy enters short positions when the RSI crosses above 70 and long positions when it falls be
Strategy · Pine Script v6 · On the chart
TESLA-BestPosition
TESLA-BestPosition is a long-only dollar-cost averaging strategy that combines custom Relative Strength Index levels with smoothed highest-high and lowest-low channels.
GitHub stars1on the repository
Pine versionv6current
Lines of code73
Settings1inputs
LicenceNone stated
Last update1 year ago9 Jun 2025
Add It to Your TradingView Chart
- 1Copy the scriptPress Copy script above. It reads the file straight from GitHub.
- 2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
- 3Paste over the templateCreate a new strategy, select all of the template text and paste. Press Save and give it a name.
- 4Add it to the chartPress Add to chart. The trades and results appear in the Strategy Tester tab; adjust the settings with the gear icon.
Source Code
The code stays on GitHub. The author has not published this script under an open licence, so ForexR does not show its code. Copy script reads the file straight from GitHub into your clipboard, so you can still try it on your own chart. Ask the author before reusing the code anywhere else.
Overview
TESLA-BestPosition calculates 10-period exponential moving averages of highest highs and lowest lows over a customizable range. When the bar low touches or penetrates the lower channel line and the 14-period RSI turns up from oversold territory, the strategy enters a long position, provided at least one day has passed since the prior purchase. It overlays channel lines and signal circles directly on the price chart. The strategy features high pyramiding and lacks exit rules or stop loss.
- Smoothed highest high and lowest low channel bands
- Custom RSI oversold and overbought detection
- Time-restricted dollar-cost averaging long entries
- On-chart buy and sell marker plots
Details
Published by
theteelek on GitHub
Type
Draws
On the price chart
Timeframes
Any timeframe
Risk Notes
- The strategy can add several entries in the same direction
- The strategy enters trades without a stop loss
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| Range | int | 70 | HIGH_LOW_RANGE |
Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.
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