MT4 Flag Pattern Indicator Download – Free | Forex Indicator Download – MetaTrader 4 Resources – MetaTrader 4 Resources

The Flag indicator automatically detects flag patterns and plots them on the chart on blue lines . The flag pattern is one of the continuation patterns in technical analysis and is a form of sharp upward and downward price movements.

This indicator recognizes classic chart patterns in MetaTrader 4, specifically the flag pattern in both bullish and bearish structures , and is suitable for all markets, including Forex , crypto , stocks , and commodities .

Flag indicator specifications

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

Classic flag indicator at a glance

A flag pattern forms a strong price movement over a period of time (called a flagpole) . Afterwards, the price enters a short-term consolidation phase and appears as a small channel or rectangle on the chart. Flag patterns can form two structures: bullish and bearish , as described below:

• Bullish Flag: After a sharp price rise , it forms a small descending channel followed by a breakout to the upside;

• Bearish Flag: After the price fell sharply, it formed a small upward channel and then broke through downward .

bullish flag

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

bearish flag

In the 1-hour AUD/USD currency pair chart, the price fell sharply and entered a consolidation phase (ascending channel) . After the flag pattern is formed, the price breaks below the lower boundary of the channel and forms a second downward leg .

Flag pattern indicator settings

The following image shows the settings for the logo pattern indicator:

• Show zigzag lines: Activate zigzag lines
• Pivot Period of Zig Zag Line: Set the period of Zig Zag Line
• Zigzag line style: Select the zigzag line style
• Zig Zag Line Color: Select the color of the zigzag line
• Zig Zag Line Width: Set the width of the zigzag line
• Show logo pattern: Show or hide logo pattern
• Flag pattern color: Set the color of the flag body

Conclusion

The Flag indicator automatically detects and draws flag patterns using blue lines in bullish and bearish formations .

This MT4 Price Action Indicator is based on classic technical analysis concepts designed and can be combined with traders' trading strategies . Additionally, this trading tool offers flexible settings that allow users to customize line style and thickness.