Flag and Pennant Patterns Indicator

Flag and Pennant Patterns Indicator

Flag and Pennant Patterns Indicator For MT4 automatically scans the patterns and plots them on the price chart.

The Flag and Pennant pattern indicator for MT4 automatically scans for the presence of flag and pennant chart patterns and draws them on the price chart. As a result, forex traders can spend more time on trading the pattern than identifying the pattern. Furthermore, this helps traders in technical analysis and chart pattern analysis and provides multiple trading opportunities.

Since, the indicator plots the patterns traders have to buy and sell according to the pattern trading rules. So, new forex traders should familiarize themselves with the patterns before actually trading them. However advanced traders can use this indicator patterns to confirm other technical indicators and tools.

Flag and Pennant Patterns Indicator For MT4 Trading Signals

The above EURAUD H4 candlestick price chart shows the flag and pennant patterns indicator for MT4 in action. The indicator plots the flags in blue and pennants in green.

The pattern trading rules override, however traders can trade these patterns by using them as support and resistance. Most traders trade the breakout and continuation of these patterns according to the trend direction. Counter trend trading many not provide profitable trading results while trading these patterns.

Traders can exit the trades with a good risk reward ratio; however for best trading results stop losses should be placed at the swing high or low in accordance to the bullish or bearish trend direction.

Conclusion
The flag and pennant patterns indicator for MT4 is an important tool for forex chart pattern traders. Since theses pattern occur frequently they help traders to identify frequent trading signals.