Skip to content

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.

Trading Signals

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.

Indicator Preferences

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.

Download

Download the flag_and_pennant.mq4 indicator.

Configurable Indicator Options

Channel period, slope period, pennant pattern factor, flag pattern factor

EUR/USD M30 Chart Example

flags-and-pennants-forex-indicator

How to install the Flag and Pennant Patterns custom indicator in Metatrader 4?

  • Download the flag_and_pennant.mq4 indicator to your computer.
  • Open your Metatrader 4 platform.
  • Open the data folder from the top menu.
  • Open the MQL4 folder.
  • Open the indicators folder.
  • Paste the indicator file in this folder.
  • Restart the trading platform.
  • Open any trading chart.
  • Attach the indicator to the chart.