The indicators include a number of different inputs allowing you to easily adjust the indicator to suit your personal requirements including the ability to set which prices are used in identifying areas of price consolidation. The flag and pennant indicators identify the upper and lower boundaries of flag and pennant formations as they progress from bar-to-bar and detect when the market breaks out of the pattern. The chart below shows the bearish flag indicator being used during a bearish trend in EBAY.Ĭlick to view all flag and pennant indicator screenshots. The indicator also displays the current support and resistance levels for each flag as text on the chart itself. During this bullish trend a number of flag patterns form and are identified in yellow. The bullish flag indicator is applied to a MSFT chart below.
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If after purchasing these indicators you decide they are not right for you just let us know within 30 days for a full refund.īelow are four examples illustrating each of the four specific patterns detected by the flag and pennant indicators.
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You can try these TradeStation indicators for 30 days risk free and evaluate them for yourself. The flag and pennant indicator set also includes a FREE copy of our acceleration indicator which we feel compliment our flag and pennant indicators. Traders can use these indicators to identify markets which have consolidated in anticipation of the market breaking out and making a run or to find areas of price consolidation within an existing trend. After the formation of the flag pole we then wait for prices to consolidate in the form of a flag or pennant pattern before market momentum continues. When identifying flag and pennant patterns it is common practice to first identify a strong market move preceding the consolidation, known as the flag pole, which can occur on a single bar or over multiple bars. The flag pattern occurs when markets trade between a narrow sloping trading range with the range between support and resistance remaining constant whereas the pennant pattern forms as the range narrows between support and resistance with each successive bar. Flags and pennants are areas of price consolidation that occur after a strong bullish or bearish market move.
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