Home Products Metatrader Indicators Pennant,Flag Channel and Rectangle Indicator
mt4_flag_pennant_indicator

Pennant,Flag Channel and Rectangle Indicator

Free!

An indicator to detect and analyze flag/pennant and price channel/rectangle chart patterns. It's an easily configurable chart tool that works on multiple time frames.

This Metatrader indicator will scan any chart looking for the following patterns:

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:

  • Filter on any kind of pattern or display all
  • Set limits on the the pattern’s duration
  • Display support and resistance lines
  • 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: Bearish pennants detect on hourly chart
Figure 1: Bearish pennants detect on hourly chart © forexop
Figure 2: A rectangle and a flag pattern
Figure 2: A rectangle and a flag pattern © forexop

Sensitivity 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. Use this to control the number and quality of patterns that are detected.

The flagpole is an important feature of flags and pennants. The indicator filters out cases where the flagpole is too short, or is too far from the pattern.

Figure 3: How the indicator measures the flagpole
Figure 3: How the indicator measures the flagpole © forexop

Time Frames

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

For more details see the technical guide.