Flag Pattern Indicator for MT4 Download – Free – [TradingFinder]

The Flag Pattern Indicator automatically detects the flag pattern and draws it on the chart using blue lines. The flag pattern is one of the continuation patterns in technical analysis and forms after sharp upward and downward price movements.

This MT4 classic charting indicator defines the flag pattern in both bullish and bearish structures

Flag Pattern Indicator Specification

The specifications of the "Flag Pattern" indicator are as follows.

Bullish Flag Pattern

In the 15-minute GBP/USD pair chart, the bullish flag pattern is marked by a downward channel. As shown in the image, a strong upward move (flagpole) is observed first. Then, after a period of consolidation and in the form of a channel, the price resumes its upward trend.

Bearish Flag Pattern

In the 1-hour AUD/USD pair chart, the price drops sharply and enters a consolidation phase (an ascending channel). After the flag pattern forms, the price breaks below the channel's lower boundary and forms the second downward leg.

Flag Pattern Indicator Settings

The image below shows the settings for the Flag Pattern Indicator:

• Display Zig Zag Line: Activate the Zig Zag line
• Pivot Period of Zig Zag Line: Set the period for the Zig Zag line
• Style of Zig Zag Line: Choose the style of the Zig Zag line
• Zig Zag Line Color: Select the color of the Zig Zag line
• Zig Zag Line Width: Set the width of the Zig Zag line
• Display Flag Pattern: Show or hide the Flag pattern
• Color of Flag Pattern: Set the color of the flag bodies

Conclusion

The Flag Pattern Indicator automatically detects and draws flag patterns using blue lines in bullish and bearish structures.

This MT4 Price Action Indicator is designed based on classic technicalanalysis concepts and can be combined with traders' trading strategies. Additionally, this indicator offers flexible settings, allowing users to customize line styles and thicknesses.