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Pennant and Flag Detector

Free!

An indicator to detect and analyze flag and pennant type chart patterns. It’s an easily configurable chart tool that works on multiple time frames.

This Metatrader indicator will scan any chart looking for patterns known as pennants or flags. These are price patterns that often lead to a continuation of a trend.

The indicator can be configured easily to work at any time frame. It works on any Metatrader chart including forex, CFDs, and indices.

Indicator Features

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.

Figure 1: Flag and pennants detect on hourly chart
Figure 1: Flag and pennants detect on hourly chart © forexop

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

Figure 2: How the indicator measures the flagpole
Figure 2: How the indicator measures the flagpole © forexop

Time Frames

The settings will depend on the time frame and the chart being analyzed.