Flag Pattern Indicator for MT5 Download – Free – [TradingFinder]

The Flag Pattern Indicator is designed to detect the flag pattern automatically and display its structure on the chart using blue lines.

The flag pattern is one of the most well known continuation patterns in technical analysis. It typically forms after strong price movements in both upward and downward directions.

This MT5 classic charting indicator allows you to predict price movements and identify entry points that align with the prevailing trend.

Flag Pattern Indicator Specification

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

Bullish Flag Pattern

The bullish flag pattern is visible as a descending channel in the 30-minute chart of the GBP/USD pair.

After a strong upward move, the price enters a small descending channel and then breaks above the channel's upper boundary, continuing the upward trend.

Bearish Flag Pattern

According to the 15-minute Bitcoin (BTC) chart, the price experiences a sharp drop and enters a consolidation phase, moving within a small ascending channel.

Then, after the formation of the flag pattern and a break below the channel's lower boundary, selling pressure increases, and the second downward leg begins.

Flag Pattern Indicator Settings

The following image 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 uses blue lines to display the flag pattern in both bullish and bearish structures.

This MT5 Price Action Indicator was developed based on classic technical analysis concepts and can be used with various trading strategies, including breakout strategies, Fibonacci, price retracements, and trend reversals.

Additionally, this indicator offers flexible settings, allowing users to customize line types and thicknesses.