A mechanism for minimizing effective memory latency without unnecessary cost through fine-grained software-directed data prefetching using integrated high-level and low-level code analysis and optimizations is provided. The mechanism identifies and classifies streams, identifies data that is most likely to incur a cache miss, exploits effective hardware prefetching to determine the proper number of streams to be prefetched, exploits effective data prefetching on different types of streams in order to eliminate redundant prefetching and avoid cache pollution, and uses high-level transformations with integrated lower level cost analysis in the instruction scheduler to schedule prefetch instructions effectively.