The disclosed embodiments relate to a method for dynamically changing a prefetching configuration in a computer system, wherein the prefetching configuration specifies how to change an ahead distance that specifies how many references ahead to prefetch for each stream. During operation of the computer system, the method keeps track of one or more stream lengths, wherein a stream is a sequence of memory references with a constant stride. Next, the method dynamically changes the prefetching configuration for the computer system based on observed stream lengths in a most-recent window of time.