The indicator can be configured easily to work at any time frame. It works on any Metatrader chart including forex, CFDs, and indices.
The settings can be adjusted to find different types of pattern. For example:
- Find flags only, find pennants only or both
- Control settings such as flagpole size and distance
- Set limits on the flag or pennant duration
- Control the indicator’s tolerance to market noise
The indicator also outputs numerical values that can be passed to another expert or indicator for further analysis. Each pattern is marked graphically on the chart.
Tolerance lets you control the definition of each pattern. With low tolerance the pattern finder is very strict. When tolerance is raised, the algorithm will accept patterns that are less uniform in appearance.
The flagpole is an important feature of flags and pennants. The indicator lets you filter out cases where the flagpole is too short, or is too far from the pattern
The settings will depend on the time frame and the chart being analyzed.