Attachments: Flag Pattern Indicator (Free Version)

Flag Pattern Indicator (Free Version)

#1
First Post: Edited 2:12am May 16, 2024 1:19am | Edited 2:12am

oswoil
| Commercial User | Joined Oct 2014 | 13 Posts

Hi guys ,
So i want to introduce one of our new systems to you . We are dropping a free version at the community here . Go to bottom of the page to download the free version.

FLAG PATTERN INDICATOR

Flag Pattern pro is a Price Action (PA) analytical tool that scans the continuation patterns known as "Flag and Pennant Patterns" .

Flag and Pennant patterns are continuation patterns characterized by a move in a previous trend direction after a shallow retracement usually below 50% of the original move . Deep retracements can however be sometimes found at the 61.8 % levels. The original move is know as the flag pole and the retracement is called the flag.

Indicator Fundamental

Fibonacci Ratios has found their validity in finance over centuries and their success in forex is nothing short of a revolutionary phenomenon . This is strongly based on the fact that the forex market is patterned around these numbers called Fibonacci ratios. Support, Resistance , Market turning points are patterned around these levels, that is why these levels should be a base in every trading system. Flag Pennant Scanner is designed to function with Fibonacci ratios, every retracement level and trade exit points are defined by the fibonacci ratios especially the 0.618 golden ratio.

Flag Reversal Pattern

The flag reversal pattern is formed when a pull back occurs around any fibonnacci level after a slight reversal from the original trend. To ensure higher success , the default parameters of this indicator looks for pull backs around 50% to 76.4 % fibonacci which makes most pattern pull back to occur around the 61.8 % fibonacci golden ration.

Flag Breakout Pattern

The breakout flag pattern occurs when price moves and breakout the previous flag pole tip after a short reversal . The breakout patterns usually occurs after the reversal pattern but in some cases they can occur at the same time.

Attached Image (click to enlarge)