Abstarct: In countries with high liquidity, the best way of using this liquidity is to attract them by the most efficient projects. This allocation of resources contributes significantly to the economic development of the country and also brings the best return possible for the investors. The capital markets have an indispensable role in achieving this issue. Capital market is an important bridge between investors and industry. The main feature of this bridge is its efficiency.The efficient market is a market that no one can predict future prices.The market efficiency has three forms. These three forms are weak, semi-strong and strong. In the weak form of efficiency, there is no possibility of predicting future prices with historical data of past prices.In the Semi-strong form of efficiency, it isn’t possible to predict future prices with public information.In the strong form of efficiency, it isn’t possible to predict future prices with any type of information. In this research, the weak and semi-strong form of market efficiency in the Tehran Stock Exchange has been tested. CAN SLIM technique has been used to test these two forms of efficiency.in order to testing Tehran Stock Exchange efficiency two important factors of CAN SLIM technique have been used. These two factors are earnings per share growth and momentum effect. According to the results of the study, there are positive correlations daily, weekly and monthly returns. Corresponding correlation coefficients are respectively 0.3635, 0.2880 and 0.1957. These values indicate that future prices are predictable with past prices. Therefore Tehran Stock Exchange is not efficient in the weak form. Two strategy of buying baxsed on daily returns are presented. These two strategies have been implemented in 1193 different working days. According to the results of the implementating, with a confidence level of 95%, the return of the first strategy is at least 1% higher than the overall index return and the return of the second strategy is less than the overall index return. These two results confirm that Tehran Stock Exchange is not efficient in the weak form. In the next part of the study, the correlation between price-adjusted EPS growth and future return is measured. The correlation coefficient between these two variables is 0.1328. This positive correlation between these two variables indicates that future prices are predictable with the financial information of the companies. Therefore Tehran Stock Exchange is not efficient in the semi-strong form. Two strategy of buying baxsed on price adjusted EPS growth are presented. These two strategies have been implemented in four years. According to the results of the implementating, the first strategy return is more than overall index return in three years and the second strategy return is less than overall index return in three years.