Prometheus Trade Engine

Description

https://www.mql5.com/en/market/product/91908

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
• Back test on simulator FIRST then forward test on DEMO for at least 1 MONTH

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