The Flag And Pennant Forex indicator for MT4 finds and paints powerful flag and pennant chart patterns on the Metatrader 4 chart for any time frame.
Both chart patterns are considered continuation patterns, they predict a resumption of the prevailing trend.
It’s a pure price action indicator without a lag. It can be traded as a standalone technical analysis tool or together with technical indicators (simple moving averages, oscillators,..)
Just load the indicator onto the MT4 chart and start trading with it in just minutes.
- Flag and pennants are continuation chart patterns.
- 100% Price action.
- No lag.
- Works for any currency pair.
- Easy to trade after the pattern has been formed.
Feel free to explore the Flag And Pennant Forex indicator’s different parameters and settings to create your own personalized indicator setup.
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Flag And Pennant Forex Indicator Chart (EUR/USD H4 Chart Example)
Here’s an example of how the indicator should look like when loaded onto the Metatrader 4 chart.
Finding Buy and Sell Triggers With The Flag And Pennant MT4 Indicator
Buy Signal: Go long when price breaks and closes above the flag and pennant continuation chart pattern.
Set your stop loss below the low of the chart pattern, or use your own favorite stop loss strategy.
Close the buy trade for a reward/risk of 2.0 or better.
Alternatively, exit the buy trade for a fixed profit target of your preference.
Sell Signal: Go short when price breaks and closes below the flag and pennant continuation chart pattern.
Set your stop loss above the high of the chart pattern, or use your own favorite stop loss strategy.
Close the sell trade for a reward/risk of 2.0 or better.
Alternatively, exit the sell trade for a fixed profit target of your preference.
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Channel period, slope period, pennant pattern, flag pattern, colors, width, style.
More Info About This Indicator
Tradable Currency pairs: Any
Trading Platform: MT4
Time frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: chart pattern
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.