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Actualizado Prometheus [Catalist]
Prometheus V-1.0[/b]
Description:
Prometheus is a TradingView indicator capable of providing data and graphical signals of interest through confluences.
We hope that the value provided by this tool will be so great that it will become a key part of the daily operations of many traders.
The creator of Prometheus: Arnau4bet.
The indicator has been created and designed by the trader and technical analyst Arnau Pintó (better known in networks as Arnau4Bet), together with the help of a programming expert Pine Script has managed to build an ideal working tool that provides the trader with vital market data.
Arnau4Bet's goal was to incorporate into a single tool many of the data it uses to make decisions in the market. Although it is impossible to incorporate all the knowledge of an expert in a single tool, it could be said that the result has been more than satisfactory.
What does it solve?
Indicators are mathematical calculations represented on the chart. Their function is to help investors identify possible movements on the chart, providing them with data quickly and visually.
One of the main problems when working with analytical data is the slowness in obtaining them and their complexity in interpreting them.
Thanks to PROMETHEUS many of these complex to understand data are represented in a simple and visual way in a single graph, allowing the operator to work in a more fluid way and even use complex data, even if he was not aware of its existence before.
PROMETHEUS compresses all this data into one, only showing everything necessary to build a trading strategy on it, without the need to use other data or other tools, thus facilitating the daily work of a trader.
What is not PROMETHEUS?
The PROMETHEUS indicator has not been designed to emit Long or Short signals, since it is not a trading bot, it only shows data and graphic signals that generate confluences between them and it will have to be the trader the one who interprets the data of the same and applies his strategy.
There are no magic indicators that can see the future, what does exist are tools that offer you data of great value and that is PROMETHEUS.
However (and although it is not the most recommended), PROMETHEUS is powerful enough to work as a bot and if so, its level of accuracy is quite high.
It should be noted that Elite Traders is not responsible for any use beyond pure data analysis.
PROMETHEUS technical section.
In this section we will explain each part of the PROMETHEUS indicator separately, so that once this document is finished you can understand and master perfectly all the tools it integrates, since it is impossible to explain directly its way of operating if you do not understand correctly its gears separately.
Diamond Breakage:
Definition:
At first glance it may seem that these are moving averages, but nothing could be further from the truth. Diamond Breakage are visual bands that represent specific mathematical calculations based on a specific Fibonacci sequence.
This sequence generates a "barrier" with the Upper Diamond Breakage and the Lower Diamond Breakage, which surrounds and chases the price, constantly marking 2 levels of vital importance for the asset.
How are they interpreted?
The Fibonacci levels on which the Diamond Breakage is based are distant projections, that is why generally when the price hits or slightly exceeds them, it arrives exhausted and usually bounces in the opposite direction.
However, if the price strongly exceeds the bands, it may indicate a change of structure and therefore, a strong continuation move.
Diamond Breakage can also be used to mark both long and short price projections, usually used to look for moves with a large extension.
They can also be an indicator of volatility: when we see the Diamond Breakage narrowing, it means that an explosive move is coming and the more it narrows, the more explosive it is likely to be.
For traders using "Bollinger Bands" their behavior could be considered "similar" but never the same, as they are based on Fibonacci. Still, part of the theoretical basis for their use can be implemented in the Diamond Breakage.
All this is explained in more detail in the section: "How to trade with PROMETHEUS."
Golden OTE:
Definition:
The explanation of the Golden OTE is very similar to that of the XX Diamond Breakage section.
In this case, the mathematical calculations of Fibonacci are based on the OTE (Optimal Price Entry), which is known as the "Institutional Fibonacci" used in SMC (Smart Money Concept) analysis.
This sequence generates a "barrier" between the Upper Golden OTE and the Lower Golden OTE , which envelopes and chases the price with a deviating average of the OTE Fibonacci levels, thus indicating where the "institutional interest" zones are located in a quick and visual way.
How are they interpreted?
Again, the explanation is similar to that of section XX of the Diamond Breakage. These are more interesting to work with shorter or medium extensions: when the price is in contact with or above the Upper Golden OTE , it will probably be a good area to look for short movements. On the contrary, when the price is in contact with or above the Lower Golden OTE, it will probably be a good area to look for long movements.
They can also be an indicator of volatility: when we see the Golden OTE narrowing it means that an explosive move is coming and the more they narrow, probably the more explosive it will be.
For traders using "Bollinger Bands" again, the behavior of these could be considered "similar" but never the same, as they are based on Fibonacci. Still, part of the theoretical basis can be implemented in the Golden OTE .
All this is explained in more detail in the section: "How to trade with PROMETHEUS."
BAND F:
Definition:
The BAND F are calculations that mark 2 areas around the price, these areas are again based on the Fibonacci sequence. The Upper BAND F represents a sequence above the 0.5 level and the Lower BAND F represents a sequence below the 0.5 level. The area between these areas is called the Equilibrium Point area.
How is it interpreted?
When the price is in an Upper BAND F area it means that it is in a Premium zone (Zone where the asset may be "overvalued") whereas if the price is in a Lower BAND F area it means that it is in a Discount zone (Zone where the asset may be "undervalued").
When we see that the asset moves in a zone that is outside the areas, that is, in a neutral or equilibrium point (Equilibrium Point), it is not advisable to open any type of operation.
The way of working these areas is only for orientation purposes, to give us a quick and graphic idea of the short-term situation of the asset. However, and although it is not entirely advisable, it can be used to search for trades with very short extensions.
PASCAL:
Definition:
PASCAL is the part of PROMETHEUS in charge of alerting us when a compression zone starts and ends, this is done through complex mathematical calculations that take into account a multitude of chart data. This part of the gear was called PASCAL, since it is also a unit of measurement of pressure, the same as the "Bars". What happens when you release something that has been under high pressure? Effectively: it explodes. Well, this is the very concept that PASCAL is looking for: to warn us of possible "explosions" in the price that will lead to movements of great volatility and extension.
How is it interpreted?
When the compression starts (PASCAL Compression), PASCAL will start marking a "PINK" colored diamond under each candle, once it detects that the compression has finished (PASCAL Breakage) it will warn us by marking the candle with a big signal (an arrow and a text that says Volatility), warning us that a big movement is coming.
Normally, we will see that when PASCAL warns us of the Volatility if the price was going in one direction a large percentage of the time the price will go in the opposite direction, this is what we call "feint" (this percentage number will vary according to market circumstances).
The purpose of PASCAL is not to tell us the direction, but to warn us of the movement and from the confluences with the rest of the PROMETHEUS tools, let the trader decide the direction.
All this is explained in more detail in the section, "How to Trade with PROMETHEUS."
Extreme RSI:
Definition:
RSI stands for relative strength index. It is a key tool of technical analysis, which allows to evaluate the trend of assets to determine whether they are in an overbought or oversold zone.
The RSI calculation gives a figure between 0 and 100. Most analysts consider that if an asset is close to 70 it is in an overbought zone and a "correction" may occur, while an asset close to 30 is oversold and a "rally" may occur.
How is it interpreted?
The RSI Extrem is the "easiest" part of the PROMETHEUS indicator to interpret, it is used as a normal RSI, but has the overbought and oversold data modified at 28 and 72 to make these zones more "extreme" and thus filter out false signals.
When the RSI exceeds the levels indicated above, it will give us a signal with the "RSI" indicator in red for overbought and green for oversold.
It is not recommended to use only the RSI for trading, but rather to implement it with the rest of PROMETHEUS tools as a confluence.
OBD (Order Block Detector)
Description:
Order Blocks are a set of large capital orders prepared to be executed at a certain time in the market, stopping previous movements and triggering new movements.
The PROMETHEUS OBD Tool scans the chart for these "bags" of orders and displays them quickly and visually on the chart.
How is it interpreted?
The OBD marks with boxes the red Order Blocks, which have a bearish Order Block, and the blue ones, which have a bullish Order Block. The central area of the Order Block is delimited with a dashed line to visually see to what extent this "bag" of orders has been mitigated.
When two Order Blocks overlap each other, the color and saturation of the Order Block increases so that the trader can quickly identify that point of interest for the market.
Note: This tool is considered a PROMETHEUS "Extra" and is still under development and constant improvement.
Auto Fibo:
Description:
As the name implies, this PROMETHEUS tool marks automatic Fibonacci retracements. Fibonacci retracements are levels to which the price of an asset is likely to retrace in the future.
These retracements consist of horizontal lines based on Fibonacci levels, and serve to identify areas of interest that the price may touch before continuing its original trend.
How is it interpreted?
AutoFibo will quickly mark the retracement levels of the last current momentum on the chart in horizontal lines, so that the trader can take them into account and use them in confluence with the rest of the tools.
The default levels are the OTE levels.
This tool is deactivated by factory in order not to saturate the operator's chart, if you want to use it you have to activate it from the settings, this section is explained in the point: "PROMETHEUS settings".
Note: this tool is considered an "Extra" of PROMETHEUS and is still under development and constant improvement.
How to trade with PROMETHEUS.
PROMETHEUS Confluences:
Confluences are points where various PROMETHEUS tools "validate" a possible move. The more confluences we find, the more cumulative probability that movement will have.
Within PROMETHEUS we can find a total of 6 confluences. Although it has 7 tools, it can only have a total of 6 confluences, due to the fact that the price cannot be at the same time in the Golden OTE and in the Diamond Breakege.
The maximum exponent in a bearish confluence would be:
-The price hits or exceeds the Upper Golden OTE /Upper Diamond Breakage.
-The price is in the Premium zone of the Upper BAND F
-The RSI Extrem is overbought.
-The Pascal marks PASCAL Breakage marking the volatility near the Upper Golden OTE / Upper Diamond Breakage levels.
-Price is inside a bearish Block Order drawn by the OBD.
-Price has bounced off a bearish AutoFibo level.
The maximum exponent in a bullish confluence would be:
-Price hits or exceeds the Lower Golden OTE / Lower Diamond Breakage.
-The price is in the Discount zone of the Lower BAND F
-The RSI Extrem is oversold.
-The Pascal marks PASCAL Breakage marking the volatility near the levels of the Lower Golden OTE / Lower Diamond Breakage.
-The price is inside a bullish Block Order drawn by the OBD.
-Price has bounced off a bullish AutoFibo level.
It is really complicated to have a Setup with a 100% confluence, although it is very common to see SetUps with confluences of 4 factors. That is why the trader who masters PROMETHEUS will not need more than 2 confluences to operate and sometimes even operate only taking into account one of the tools of the same.
Trends in PROMETHEUS:
Like any indicator you have to use it taking into account the market narrative. For PROMETHEUS to work effectively we must filter the signals in favor of trend, if we are in an uptrend we will give more importance to those signals that imply a continuation of it and the opposite in case of a downtrend.
In the only case that this rule is invalidated is in the case that both PROMETHEUS and the rest of our analysis indicate a reversal and change of structure.
Seasonality in PROMETHEUS.
The timeframes in which the PROMETHEUS indicator works best are 1H and 1D, the former being the indicator's star timeframe.
PROMETHEUS is able to work in any timeframe, but it is not recommended, since it loses a considerable percentage of success, especially in small timeframes below 15m.
That is why Elite Traders recommends using it in the 2 mentioned timeframes.
Mark Projections for TP and SL with PROMETHEUS:
PROMETHEUS also allows to look for future price zones, the Diamond Breakage and the Golden OTE can mark resistance and support levels in the future, this is because they are not moving averages but Fibonacci calculations that have a real impact on the market.
It is also possible to look for confluences of the Golden OTE and Diamond Breakage projections with the Order Blocks drawn by the OBD. Using this strategy it is possible to find areas of significant interest for the asset.
PASCAL bands:
When the PASCAL compression breaks and marks the Volatility we find that in many occasions the price immediately goes in the opposite direction to the compression break. We call this behavior "feint" and to avoid confusion and to have more probability of getting the direction right, we must always use the PASCAL in confluence with the rest of PROMETHEUS tools or with other indicators or data that validate the movement.
Confluences with other indicators:
PROMETHEUS is not perfect so it will always be interesting and advisable to cross-check with other indicators here we leave you a list of some indicators with which it generates a good synergy.
Koncorde: Indicator based on volume, is dedicated to separate the volume between strong and weak hands, if for example the PASCAL marks us Volatility and the Koncorde indicates an important purchase of strong hands would be validating the direction of the movement.
Delta: The delta volume tells us the number of orders in the current market and who has more advantage, the bulls or the bears. In case the PASCAL shows us a Volatility and we see that it is not accompanied by the Delta, it would imply that we are probably facing a feint of the same.
Volume: With the traditional volume we can see if it supports the movement or, on the contrary, we may be facing a manipulation trap of the MM.
The combinations are infinite and highly recommended, not only with other indicators, but with other analysis of ours, Orders Books data or On-Chain metrics, looking for extra confirmations will always be interesting.
PROMETHEUS configurations.
Definitions of all PROMETHEUS configuration functions.
Frequency: For proper operation we recommend having this parameter set to "Mid". Changing this parameter completely changes the Diamond Breakage or Gold OTE length values.
Sections Enable: The tool sections without to connect and disconnect them.
Zone Length F: Modify the BAND F Length.
Color Upper BAND F: Modify the color of the Upper BAND F.
Color Lower BAND F: Modify the color of the Lower BAND F.
BAND F Source: Change the BAND F data source.
BAND F Multiplier: Change the BAND F multiplier.
Pascal Lenth: Modifies the Pascal length.
Pascal Source: Modifies the Pascal source.
Pascal Multiplier: Modify the Pascal multiplier.
FIB Deviation: Modify the Auto Fibo deviation.
Depth FIB: Modify the depth of the Auto Fibo.
Reverse FIB: Reverse Auto Fibo.
Extend Left FIB: Extends the Auto Fibo lines to the left.
Extend Right FIB: Extends the Auto Fibo lines to the right.
Show Prices FIB: Shows the Auto Fibo price levels.
Show Levels FIB: Shows the Auto Fibo levels.
Labels Position: Indicates where to show the levels.
Background transparency FIB: Transparency of the Auto Fibo background.
REG-1/2/3/4/5: Modifies the regular Auto Fibo levels.
OTE-1/2/3/3: Modifies the OTE levels of the Auto Fibo.
OB Length: Modifies the OBD length.
Upper OB: Modify the quantity and colors of the Upper OBD.
Lower OB: Modify the number and colors of the Lower OBD.
Type of line: Type of OBD line.
Line Thickness: OBD line thickness.
Mitigation Type: OBD Order Blocks mitigation type.
Disabled Objects: These objects are blocked for the sake of PROMETHEUS.
Upper/Lower Golden OTE: Modifies the Golden OTE line type.
Upper/Lower Diamond Breakage: Modifies the line type of the Diamond Breakage.
RSI Extrem Pucharse: Changes the symbol type and position.
RSI Extrem Sales: Changes the symbol type and position.
Pascal Compression: Changes the symbol type and position.
Pascal Breakage: Change symbol type and position.
OB Long/Short: Change the OBD OB line type.
Boxes: Enables and disables OBD boxes.
Labels: Activates and deactivates the general PROMETHEUS levels.
Lines / LineFills: Activates and deactivates the PROMETHEUS lines.
Accuracy: Modifies the PROMETHEUS accuracy data, we recommend to leave it in "Default".
Price scale labels: Activates or deactivates the PROMETHEUS labels.
Values in status line: Enables or disables the values.
Alarms in PROMETHEUS
Any of the PROMETHEUS tools can be configured with alerts in TradingView to ease the trader's time.
Remember that an explanatory PDF manual and a complete video about Prometheus are available free of charge.
Do not hesitate to request it.
Thank you.
Description:
Prometheus is a TradingView indicator capable of providing data and graphical signals of interest through confluences.
We hope that the value provided by this tool will be so great that it will become a key part of the daily operations of many traders.
The creator of Prometheus: Arnau4bet.
The indicator has been created and designed by the trader and technical analyst Arnau Pintó (better known in networks as Arnau4Bet), together with the help of a programming expert Pine Script has managed to build an ideal working tool that provides the trader with vital market data.
Arnau4Bet's goal was to incorporate into a single tool many of the data it uses to make decisions in the market. Although it is impossible to incorporate all the knowledge of an expert in a single tool, it could be said that the result has been more than satisfactory.
What does it solve?
Indicators are mathematical calculations represented on the chart. Their function is to help investors identify possible movements on the chart, providing them with data quickly and visually.
One of the main problems when working with analytical data is the slowness in obtaining them and their complexity in interpreting them.
Thanks to PROMETHEUS many of these complex to understand data are represented in a simple and visual way in a single graph, allowing the operator to work in a more fluid way and even use complex data, even if he was not aware of its existence before.
PROMETHEUS compresses all this data into one, only showing everything necessary to build a trading strategy on it, without the need to use other data or other tools, thus facilitating the daily work of a trader.
What is not PROMETHEUS?
The PROMETHEUS indicator has not been designed to emit Long or Short signals, since it is not a trading bot, it only shows data and graphic signals that generate confluences between them and it will have to be the trader the one who interprets the data of the same and applies his strategy.
There are no magic indicators that can see the future, what does exist are tools that offer you data of great value and that is PROMETHEUS.
However (and although it is not the most recommended), PROMETHEUS is powerful enough to work as a bot and if so, its level of accuracy is quite high.
It should be noted that Elite Traders is not responsible for any use beyond pure data analysis.
PROMETHEUS technical section.
In this section we will explain each part of the PROMETHEUS indicator separately, so that once this document is finished you can understand and master perfectly all the tools it integrates, since it is impossible to explain directly its way of operating if you do not understand correctly its gears separately.
Diamond Breakage:
Definition:
At first glance it may seem that these are moving averages, but nothing could be further from the truth. Diamond Breakage are visual bands that represent specific mathematical calculations based on a specific Fibonacci sequence.
This sequence generates a "barrier" with the Upper Diamond Breakage and the Lower Diamond Breakage, which surrounds and chases the price, constantly marking 2 levels of vital importance for the asset.
How are they interpreted?
The Fibonacci levels on which the Diamond Breakage is based are distant projections, that is why generally when the price hits or slightly exceeds them, it arrives exhausted and usually bounces in the opposite direction.
However, if the price strongly exceeds the bands, it may indicate a change of structure and therefore, a strong continuation move.
Diamond Breakage can also be used to mark both long and short price projections, usually used to look for moves with a large extension.
They can also be an indicator of volatility: when we see the Diamond Breakage narrowing, it means that an explosive move is coming and the more it narrows, the more explosive it is likely to be.
For traders using "Bollinger Bands" their behavior could be considered "similar" but never the same, as they are based on Fibonacci. Still, part of the theoretical basis for their use can be implemented in the Diamond Breakage.
All this is explained in more detail in the section: "How to trade with PROMETHEUS."
Golden OTE:
Definition:
The explanation of the Golden OTE is very similar to that of the XX Diamond Breakage section.
In this case, the mathematical calculations of Fibonacci are based on the OTE (Optimal Price Entry), which is known as the "Institutional Fibonacci" used in SMC (Smart Money Concept) analysis.
This sequence generates a "barrier" between the Upper Golden OTE and the Lower Golden OTE , which envelopes and chases the price with a deviating average of the OTE Fibonacci levels, thus indicating where the "institutional interest" zones are located in a quick and visual way.
How are they interpreted?
Again, the explanation is similar to that of section XX of the Diamond Breakage. These are more interesting to work with shorter or medium extensions: when the price is in contact with or above the Upper Golden OTE , it will probably be a good area to look for short movements. On the contrary, when the price is in contact with or above the Lower Golden OTE, it will probably be a good area to look for long movements.
They can also be an indicator of volatility: when we see the Golden OTE narrowing it means that an explosive move is coming and the more they narrow, probably the more explosive it will be.
For traders using "Bollinger Bands" again, the behavior of these could be considered "similar" but never the same, as they are based on Fibonacci. Still, part of the theoretical basis can be implemented in the Golden OTE .
All this is explained in more detail in the section: "How to trade with PROMETHEUS."
BAND F:
Definition:
The BAND F are calculations that mark 2 areas around the price, these areas are again based on the Fibonacci sequence. The Upper BAND F represents a sequence above the 0.5 level and the Lower BAND F represents a sequence below the 0.5 level. The area between these areas is called the Equilibrium Point area.
How is it interpreted?
When the price is in an Upper BAND F area it means that it is in a Premium zone (Zone where the asset may be "overvalued") whereas if the price is in a Lower BAND F area it means that it is in a Discount zone (Zone where the asset may be "undervalued").
When we see that the asset moves in a zone that is outside the areas, that is, in a neutral or equilibrium point (Equilibrium Point), it is not advisable to open any type of operation.
The way of working these areas is only for orientation purposes, to give us a quick and graphic idea of the short-term situation of the asset. However, and although it is not entirely advisable, it can be used to search for trades with very short extensions.
PASCAL:
Definition:
PASCAL is the part of PROMETHEUS in charge of alerting us when a compression zone starts and ends, this is done through complex mathematical calculations that take into account a multitude of chart data. This part of the gear was called PASCAL, since it is also a unit of measurement of pressure, the same as the "Bars". What happens when you release something that has been under high pressure? Effectively: it explodes. Well, this is the very concept that PASCAL is looking for: to warn us of possible "explosions" in the price that will lead to movements of great volatility and extension.
How is it interpreted?
When the compression starts (PASCAL Compression), PASCAL will start marking a "PINK" colored diamond under each candle, once it detects that the compression has finished (PASCAL Breakage) it will warn us by marking the candle with a big signal (an arrow and a text that says Volatility), warning us that a big movement is coming.
Normally, we will see that when PASCAL warns us of the Volatility if the price was going in one direction a large percentage of the time the price will go in the opposite direction, this is what we call "feint" (this percentage number will vary according to market circumstances).
The purpose of PASCAL is not to tell us the direction, but to warn us of the movement and from the confluences with the rest of the PROMETHEUS tools, let the trader decide the direction.
All this is explained in more detail in the section, "How to Trade with PROMETHEUS."
Extreme RSI:
Definition:
RSI stands for relative strength index. It is a key tool of technical analysis, which allows to evaluate the trend of assets to determine whether they are in an overbought or oversold zone.
The RSI calculation gives a figure between 0 and 100. Most analysts consider that if an asset is close to 70 it is in an overbought zone and a "correction" may occur, while an asset close to 30 is oversold and a "rally" may occur.
How is it interpreted?
The RSI Extrem is the "easiest" part of the PROMETHEUS indicator to interpret, it is used as a normal RSI, but has the overbought and oversold data modified at 28 and 72 to make these zones more "extreme" and thus filter out false signals.
When the RSI exceeds the levels indicated above, it will give us a signal with the "RSI" indicator in red for overbought and green for oversold.
It is not recommended to use only the RSI for trading, but rather to implement it with the rest of PROMETHEUS tools as a confluence.
OBD (Order Block Detector)
Description:
Order Blocks are a set of large capital orders prepared to be executed at a certain time in the market, stopping previous movements and triggering new movements.
The PROMETHEUS OBD Tool scans the chart for these "bags" of orders and displays them quickly and visually on the chart.
How is it interpreted?
The OBD marks with boxes the red Order Blocks, which have a bearish Order Block, and the blue ones, which have a bullish Order Block. The central area of the Order Block is delimited with a dashed line to visually see to what extent this "bag" of orders has been mitigated.
When two Order Blocks overlap each other, the color and saturation of the Order Block increases so that the trader can quickly identify that point of interest for the market.
Note: This tool is considered a PROMETHEUS "Extra" and is still under development and constant improvement.
Auto Fibo:
Description:
As the name implies, this PROMETHEUS tool marks automatic Fibonacci retracements. Fibonacci retracements are levels to which the price of an asset is likely to retrace in the future.
These retracements consist of horizontal lines based on Fibonacci levels, and serve to identify areas of interest that the price may touch before continuing its original trend.
How is it interpreted?
AutoFibo will quickly mark the retracement levels of the last current momentum on the chart in horizontal lines, so that the trader can take them into account and use them in confluence with the rest of the tools.
The default levels are the OTE levels.
This tool is deactivated by factory in order not to saturate the operator's chart, if you want to use it you have to activate it from the settings, this section is explained in the point: "PROMETHEUS settings".
Note: this tool is considered an "Extra" of PROMETHEUS and is still under development and constant improvement.
How to trade with PROMETHEUS.
PROMETHEUS Confluences:
Confluences are points where various PROMETHEUS tools "validate" a possible move. The more confluences we find, the more cumulative probability that movement will have.
Within PROMETHEUS we can find a total of 6 confluences. Although it has 7 tools, it can only have a total of 6 confluences, due to the fact that the price cannot be at the same time in the Golden OTE and in the Diamond Breakege.
The maximum exponent in a bearish confluence would be:
-The price hits or exceeds the Upper Golden OTE /Upper Diamond Breakage.
-The price is in the Premium zone of the Upper BAND F
-The RSI Extrem is overbought.
-The Pascal marks PASCAL Breakage marking the volatility near the Upper Golden OTE / Upper Diamond Breakage levels.
-Price is inside a bearish Block Order drawn by the OBD.
-Price has bounced off a bearish AutoFibo level.
The maximum exponent in a bullish confluence would be:
-Price hits or exceeds the Lower Golden OTE / Lower Diamond Breakage.
-The price is in the Discount zone of the Lower BAND F
-The RSI Extrem is oversold.
-The Pascal marks PASCAL Breakage marking the volatility near the levels of the Lower Golden OTE / Lower Diamond Breakage.
-The price is inside a bullish Block Order drawn by the OBD.
-Price has bounced off a bullish AutoFibo level.
It is really complicated to have a Setup with a 100% confluence, although it is very common to see SetUps with confluences of 4 factors. That is why the trader who masters PROMETHEUS will not need more than 2 confluences to operate and sometimes even operate only taking into account one of the tools of the same.
Trends in PROMETHEUS:
Like any indicator you have to use it taking into account the market narrative. For PROMETHEUS to work effectively we must filter the signals in favor of trend, if we are in an uptrend we will give more importance to those signals that imply a continuation of it and the opposite in case of a downtrend.
In the only case that this rule is invalidated is in the case that both PROMETHEUS and the rest of our analysis indicate a reversal and change of structure.
Seasonality in PROMETHEUS.
The timeframes in which the PROMETHEUS indicator works best are 1H and 1D, the former being the indicator's star timeframe.
PROMETHEUS is able to work in any timeframe, but it is not recommended, since it loses a considerable percentage of success, especially in small timeframes below 15m.
That is why Elite Traders recommends using it in the 2 mentioned timeframes.
Mark Projections for TP and SL with PROMETHEUS:
PROMETHEUS also allows to look for future price zones, the Diamond Breakage and the Golden OTE can mark resistance and support levels in the future, this is because they are not moving averages but Fibonacci calculations that have a real impact on the market.
It is also possible to look for confluences of the Golden OTE and Diamond Breakage projections with the Order Blocks drawn by the OBD. Using this strategy it is possible to find areas of significant interest for the asset.
PASCAL bands:
When the PASCAL compression breaks and marks the Volatility we find that in many occasions the price immediately goes in the opposite direction to the compression break. We call this behavior "feint" and to avoid confusion and to have more probability of getting the direction right, we must always use the PASCAL in confluence with the rest of PROMETHEUS tools or with other indicators or data that validate the movement.
Confluences with other indicators:
PROMETHEUS is not perfect so it will always be interesting and advisable to cross-check with other indicators here we leave you a list of some indicators with which it generates a good synergy.
Koncorde: Indicator based on volume, is dedicated to separate the volume between strong and weak hands, if for example the PASCAL marks us Volatility and the Koncorde indicates an important purchase of strong hands would be validating the direction of the movement.
Delta: The delta volume tells us the number of orders in the current market and who has more advantage, the bulls or the bears. In case the PASCAL shows us a Volatility and we see that it is not accompanied by the Delta, it would imply that we are probably facing a feint of the same.
Volume: With the traditional volume we can see if it supports the movement or, on the contrary, we may be facing a manipulation trap of the MM.
The combinations are infinite and highly recommended, not only with other indicators, but with other analysis of ours, Orders Books data or On-Chain metrics, looking for extra confirmations will always be interesting.
PROMETHEUS configurations.
Definitions of all PROMETHEUS configuration functions.
Frequency: For proper operation we recommend having this parameter set to "Mid". Changing this parameter completely changes the Diamond Breakage or Gold OTE length values.
Sections Enable: The tool sections without to connect and disconnect them.
Zone Length F: Modify the BAND F Length.
Color Upper BAND F: Modify the color of the Upper BAND F.
Color Lower BAND F: Modify the color of the Lower BAND F.
BAND F Source: Change the BAND F data source.
BAND F Multiplier: Change the BAND F multiplier.
Pascal Lenth: Modifies the Pascal length.
Pascal Source: Modifies the Pascal source.
Pascal Multiplier: Modify the Pascal multiplier.
FIB Deviation: Modify the Auto Fibo deviation.
Depth FIB: Modify the depth of the Auto Fibo.
Reverse FIB: Reverse Auto Fibo.
Extend Left FIB: Extends the Auto Fibo lines to the left.
Extend Right FIB: Extends the Auto Fibo lines to the right.
Show Prices FIB: Shows the Auto Fibo price levels.
Show Levels FIB: Shows the Auto Fibo levels.
Labels Position: Indicates where to show the levels.
Background transparency FIB: Transparency of the Auto Fibo background.
REG-1/2/3/4/5: Modifies the regular Auto Fibo levels.
OTE-1/2/3/3: Modifies the OTE levels of the Auto Fibo.
OB Length: Modifies the OBD length.
Upper OB: Modify the quantity and colors of the Upper OBD.
Lower OB: Modify the number and colors of the Lower OBD.
Type of line: Type of OBD line.
Line Thickness: OBD line thickness.
Mitigation Type: OBD Order Blocks mitigation type.
Disabled Objects: These objects are blocked for the sake of PROMETHEUS.
Upper/Lower Golden OTE: Modifies the Golden OTE line type.
Upper/Lower Diamond Breakage: Modifies the line type of the Diamond Breakage.
RSI Extrem Pucharse: Changes the symbol type and position.
RSI Extrem Sales: Changes the symbol type and position.
Pascal Compression: Changes the symbol type and position.
Pascal Breakage: Change symbol type and position.
OB Long/Short: Change the OBD OB line type.
Boxes: Enables and disables OBD boxes.
Labels: Activates and deactivates the general PROMETHEUS levels.
Lines / LineFills: Activates and deactivates the PROMETHEUS lines.
Accuracy: Modifies the PROMETHEUS accuracy data, we recommend to leave it in "Default".
Price scale labels: Activates or deactivates the PROMETHEUS labels.
Values in status line: Enables or disables the values.
Alarms in PROMETHEUS
Any of the PROMETHEUS tools can be configured with alerts in TradingView to ease the trader's time.
Remember that an explanatory PDF manual and a complete video about Prometheus are available free of charge.
Do not hesitate to request it.
Thank you.
Notas de prensa
-Bugs fixed.Notas de prensa
Prometheus Version 2.0New features:
New indicator: The Confluencer.
Automatic signals to the Prometheus group.
Cosmetic modifications.
On-Off system in all tools.
Bug fixes + Speed.
Notas de prensa
Prometheus Version 2.1Bug fixes.
Script que requiere invitación
Solo los usuarios autorizados por el autor pueden acceder a este script. Deberá solicitar y obtener permiso para utilizarlo. Por lo general, este se concede tras realizar el pago. Para obtener más información, siga las instrucciones del autor indicadas a continuación o póngase en contacto directamente con CatalistClub.
Tenga en cuenta que este script privado, accesible solo mediante invitación, no ha sido revisado por los moderadores de scripts y su cumplimiento con las Normas internas no está garantizado. TradingView NO recomienda pagar por un script ni utilizarlo a menos que confíe plenamente en su autor y comprenda cómo funciona. También puede encontrar alternativas gratuitas y de código abierto en nuestros scripts de la comunidad.
Instrucciones del autor
This indicator is available for free in the Elite Traders community.
Thank you.
Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como asesoramiento o recomendaciones financieras, de inversión, de trading o de otro tipo proporcionadas o respaldadas por TradingView. Más información en Condiciones de uso.
Script que requiere invitación
Solo los usuarios autorizados por el autor pueden acceder a este script. Deberá solicitar y obtener permiso para utilizarlo. Por lo general, este se concede tras realizar el pago. Para obtener más información, siga las instrucciones del autor indicadas a continuación o póngase en contacto directamente con CatalistClub.
Tenga en cuenta que este script privado, accesible solo mediante invitación, no ha sido revisado por los moderadores de scripts y su cumplimiento con las Normas internas no está garantizado. TradingView NO recomienda pagar por un script ni utilizarlo a menos que confíe plenamente en su autor y comprenda cómo funciona. También puede encontrar alternativas gratuitas y de código abierto en nuestros scripts de la comunidad.
Instrucciones del autor
This indicator is available for free in the Elite Traders community.
Thank you.
Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como asesoramiento o recomendaciones financieras, de inversión, de trading o de otro tipo proporcionadas o respaldadas por TradingView. Más información en Condiciones de uso.