Flag And Pennants Metatrader 4 Forex Indicator

The Flag and Pennants MT4 indicator scans and displays flag and pennants chart patterns on the Metatrader 4 trading platform.

Flags and pennants are typically trend continuation chart patterns.

This is an excellent indicator for price action traders. An 100% no lag forex indicator!

How to trade

In an uptrend, open a buy order when the price bar breaks and closes above the resistance line of the flag or pennant chart pattern.

Place a protective stop-loss below the chart pattern.

In a downtrend, open a sell order when the price bar breaks and closes below the support line of the flag or pennant chart pattern.

Place a protective stop-loss above the chart pattern.

Free Download

Download the flag-and-pennant-patterns.mq4” MT4 indicator

Example Chart

The GBP/USD 4-Hour chart below displays the Flag And Pennants Metatrader 4 Forex indicator in action.

Basic Trading Signals

Signals from the Flag and Pennants MT4 forex indicator are easy to interpret and goes as follows:

Buy Signal: Initiate buy order when the candlestick breaks and closes above the Flag and Pennants chart pattern. Place a stop loss below the low of the chart pattern.

Sell Signal: Initiate sell order when the candlestick breaks and closes below the Flag and Pennants chart pattern. Place a stop loss above the high of the chart pattern.

Trade Exit : Use your own method of trade exit.

Download

Download the flag-and-pennant-patterns.mq4” Metatrader 4 indicator

MT4 Indicator Characteristics

Currency pairs: Any

Platform: Metatrader 4

Type: Chart pattern indicator

Customization options: Variable (channel period, slope period, flag pattern factor, pennant pattern factor) Colors, width & Style.

Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month

Type: flags | pennants

Installation

Copy and paste the flag-and-pennant-patterns.mq4 into the MQL4 indicators folder of the Metatrader 4 trading platform.

You can access this folder from the top menu as follows:

File > Open Data Folder > MQL4 > Indicators (paste here)

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