Flag and Pennant Patterns Forex Indicator
This chart pattern indicator for Metatrader 4 shows flag and pennant patterns for any currency pair on any time frame.
Flags and pennant patterns are considered to be continuation patterns.
In other words, the price is likely to continue moving in the direction of the primary trend once the currency pair breaks above or below the pennant or flag pattern.
Buy: First, look for an up trend. Then buy when the currency price closes above the flag or pennant pattern.
Sell: First, look for an down trend. Then sell when the currency price closes below the flag or pennant pattern.
Currency pairs: Any
Preferred time frames: Suitable for 1 min charts and higher.
Trading sessions: 1 minute and 5 minute charts , London and US. All trading sessions above the 5 minute time frame.
Configurable Indicator Options
Channel period, slope period, pennant pattern factor, flag pattern factor, …
EUR/USD M30 Chart Example