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

The Pennant Pattern indicator utilizes colored lines to draw two continuation patterns the Flag and the Pennant Pattern . The Pennant Pattern usually indicates a continuation of the current market trend and usually forms after a sharp price move (commonly known as a flagpole) .

The Pennant Pattern is one of the most effective continuation patterns for technical analysis and provides favorable trading opportunities.

Pennant pattern indicator specification table

Below are the specifications for this product.

List of pennant pattern indicators

The Pennant Pattern indicates compression of small triangle , indicating a temporary market pause.

In most cases, after the pattern forms, the price continues strongly toward the previous trend.

The indicator plots the Flag pattern using blue lines and the Pennant Pattern using orange lines.

Bullish Trend

In the 1 hour Cardano (ADA) chart, following a strong bullish move (the first leg) , the price enters the compression zone and the indicator recognizes and plots the Pennant Pattern .

Once the pattern breaks out to the upside, the continuation of the trend is confirmed , and a second bullish leg pattern is formed.

Bearish Trend

The 30-minute chart EUR/USD showcases the performance pennant pattern indicator .

After the initial bearish leg , the price enters the consolidation phase, and the indicator draws a pennant pattern .

A breakout from this area will continue the trend and form a second bearish leg , creating a sell opportunity .

Pennant Pattern Indicator Settings

The image below shows the Settings panel pennant pattern indicator :

• Price Channel Length : The number of candles used to calculate and draw the channel
• Trend Slope Span : Parameters related to the slope of the pattern trend line
• Shape detection coefficient A : Calculation of forming pennant pattern
• Shape detection coefficient B : Calculation related to flag pattern formation

Conclusion

Based on price action principles, the Pennant Pattern Indicator identifies and plots both Pennant and Flag patterns.

Both patterns form after rapid price movements and signal the potential to continuation of an existing trend.

The tool can be applied to all markets, including forex , crypto , stocks , and commodities .