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Prometheus Trade Engine

Prometheus Trade Engine is an indicator that combines price action, ratio based indicator & custom indicators to create this leading indicator that has a multi-timeframe approach to give you high probability trade setups & assist you in making a prediction on what is MOST likely to happen in the market going forward.


Features

Reversal Zone

  • Rectangular box on your chart based on a close approximation to 50% & 61.8% Fibonacci retracement levels over the high-low period of 100 bars
  • By default, Blue rectangle is set to indicate that you are temporarily on a LONG trend with 50% above & 61.8% below
  • Red rectangle is set to indicate that you are temporarily on a SHORT trend with 61.8% above & 50% below
  • When the trend changes the it is redrawn automatically depending on your timeframe of choice
  • When it is breached it gives you a [leading] indication that the current trend is MOST likely about to change so adjust your trading rational appropriately
  • When there is NO retracement level then there will be NO Reversal Zone thus NO Price Move, stay out of the market

Price Action Signal

  • Arrow displayed on a specific candle; These arrows are NOT buy/sell arrows; They DO NOT repaint
  • Bullish arrow on a bullish candle price is most likely going to shoot LONG; Bearish arrow on a bearish candle price is most likely going to collapse SHORT
  • Bullish arrow on a bearish candle price will most likely move LONG momentarily before collapsing SHORT; Bearish arrow on a bullish candle price will most likely move SHORT momentarily before shooting LONG

Price Move

  • Based on where price is relative to the Reversal Zone

Daily Move

  • Based on where price is relative to the Daily Open

Daily Index

  • Based on current price relative to the open-high-low-close price of the daily candle; Scale 0 to 100 [0 = daily open & 100 = new high or low]
  • The higher the value the further the price is to the open;

Analysis

  • Trend Strength - Displays overall strength of trend; Scale 50 to 100 [50 = weak & 100 = strong]
  • Asset Strength - Displays strength of asset; Scale 0 to 9 [0 = weak & 9 = strong]
  • Strength Index [RSI] - Displays RSI level
  • MACD - Displays MACD above or below zero

Average

  • Displays multi-timeframe moving average

Momentum

  • Displays multi-timeframe momentum

Direction

  • Displays multi-timeframe average directional movement index

Market Sentiment

  • Displays the traders choice of market direction call or put


Parameters

Period Settings

  • Average Period - Set Moving Average, default set to 50
  • Momentum Period - Set Momentum, default set to 14
  • Direction Period - Set ADX, default set to 14
  • Stength Index Period - Set RSI, default set to 14
  • Reversal Zone Alert - Set alert screen pop-up message, default set to TRUE

Color Settings

  • Symbol Color - Set color symbol on your chart
  • Panel Color - Set color for the right hand panel
  • Value Color - Set color for values on the Analysis Section
  • Bullish Color - Set color for bullish move
  • Bearish Color - Set color for bearish move
  • Flat Color - Set color for flat move
  • ReversalZoneLong Color - Set color for LONG Reversal Zone
  • ReversalZoneShort Color - Set color for SHORT Reversal Zone
  • Timeframe Color - Set color of current chart timeframe


High Probability Trade Setups

Reversal Bounce

  • Take a trade when price has bounced off the SHORT/LONG Reversal Zone based on HIGH PROBABILITY CONFLUENCE from the right hand panel
  • Price MUST be INSIDE/BELOW the SHORT reversal zone for a PUT OR INSIDE/ABOVE the LONG reversal zone for a CALL

Reversal Breach

  • Take a trade when price has breached the SHORT/LONG Reversal Zone based on HIGH PROBABILITY CONFLUENCE from the right hand panel
  • Price MUST be INSIDE/ABOVE the SHORT reversal zone for a CALL OR INSIDE/BELOW the LONG reversal zone for a PUT

FOR CONFIRMATION, get the Prometheus Smart Money https://www.mql5.com/en/market/product/16768 to confirm which trades to take & which ones to avoid


Advantages

  • You can use it in ALL financial markets including binary options on ALL asset classes or instruments
  • Less clutter on your chart giving you a neat & tidy chart therefore no information overload


Recommendations

  • Supported timeframes are M1, M5 & M15; Recommended for ONLY intraday traders
  • Test on a demo account first for at least 2 weeks; Practice makes perfect

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