There are 11 flags:
White flag
A white flag signifies that there is a slow car ahead. When waved at the driver it means that they must pay attention. Black flag
This will only be shown at the startline and will have a car number in white shown on it. The car involved must stop at the pits within one lap and report to the Clerk of the Course. Yellow flag
A yellow flag means that there is danger ahead, however, how the marshal is holding the flag gives the driver further clues as to where the hazard lies and just how much of the track is blocked.
When it is stationary, the yellow flag means that there is a hazard beside the track. The driver must not overtake and must drive at a safe speed. However when the yellow flag is being waved, this means slow down and do not overtake as there is a hazard on the track and drivers must also prepare themselves for the possibility that they may have to change direction or follow an unusual line around the track. Double waving of the flag also signifies that the driver must slow down and not overtake, this time because the track is fully or partially blocked. Green flag
This is waved to give the all clear after a yellow flag has been displayed. It can also be used to signify the start to a warm-up lap. Red flag
The red flag is shown at the start/finish line and also at the marshalls post signalling that the race must be stopped. Blue flag
Blue flags can be waved both during practise and during a race.
Practice
If the flag is stationary during practice, a faster car is approaching and the driver must give way to allow them past. If it is waved, the situation is more urgent and the driver must give way immediately to let the faster car through. During the race
A stationary blue flag signifies to the driver that they are about to be lapped and to move over and let the faster car past. However it can also be shown to a driver existing the pits
When the flag is waved, the driver risks a penalty if they do not let the faster car approaching to pass them. A stationary blue flag will also be shown to a driver exiting the pits letting them know that other cars are fast approaching them on the track. Black with red spot
This flag acts as a warning to let the car know that ahead of them is a mechanical failure. Black and white diagonal flag
When waved this flag acts as a warning for a driver showing un-sportsmanlike behaviour. Yellow and red striped flag
Stationary this means that there is either oil or water on the track, but being waved it means that the driver is about to come into contact with a slippery surface. Chequered flag
The flag which all drivers want to see signifying that the race has finished…..Brazilian footballer Pele could have done with reading this before he took to the flag!
From: http://www.f1-country.com/f1-engineer/flags/flags.htm
Most races will only see green, yellow, blue and chequered flags.
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