INDICATOR · BEGINNER GUIDE
FLAG FINDER
Draws flags and pennants after a sharp move, and shows whether each one broke out or failed.
◆Flags and pennants◆Pole and lines drawn◆Broke out / failed / expired◆Closed candles only
WHAT YOU SEE · GOLD 15m · 28–30 OCT
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1Pole: the sharp move before the pause (at least 2.5 × ATR).
2Pennant: two lines that come together, like a small triangle.
3Breakout: a candle closed outside the lines, in the pole’s direction.
4Flag: two parallel lines around a short, tight pause.
5Grey: the pattern failed or expired. Many do.
6Label: the pattern’s name and what happened to it.
Use it in 5 steps
- Switch it onCharts → Basic Indicators (ƒx) → tick Flag Finder.
- Find the poleA flag only counts after a sharp move. No pole, no flag.
- Watch the pauseDashed lines = forming. Lighter volume in the pause is a good sign.
- Wait for the closeOnly a candle that closes outside the lines counts as a breakout.
- Check the bigger trendFlags with the higher-timeframe trend tend to be cleaner.
Up, then down: two flags on EURUSD
EURUSD 15m, Thu 29 – Fri 30 Oct. A bull flag broke out up, then a bear flag after the top broke out down. Two other flags (grey) failed: price closed out of the wrong side.
The dashboard
- Pattern: the latest flag or pennant, bull or bear.
- Pole: how big the sharp move was, in ATRs and candles.
- Flag / Pennant: how long the pause is and how much it gave back.
- Volume: lighter in the pause than in the pole is the classic sign.
- What this means: the status in plain English.
Golden rules
- A pattern, not a signal. It shows no entries, stops or targets.
- Many fail. On our markets about half broke out and half failed.
- Closed candles only. A breakout counts when the candle closes, not before.
- Always use a stop loss and risk 1% or less per trade.
🔔 Get told when it fires: click Alerts, choose Flag Finder and tick “Flag or pennant broke out”.
For educational purposes only. The results in this guide come from testing on past prices. Past performance does not guarantee future results, and real spreads, slippage and delays can make results worse. Nothing here is financial advice, and trading carries a high risk of losing money. Read the risk warning.