EDIT: FULL ALBUM Link with all current flag proposals!
With the introduction of the flags, there has been a lot of mixed interpretations on what each of them means. I for one followed the pattern set out below...
*White - Pacifist. Prefers to run rather than fight.
*Checkered - Goofing around.
*Yellow - Gold Hoarders. It looks like an abstract chest, and the color matches the faction.
*Blue - Merchants. A stretch, but could be an abstract globe, and the color matches the faction.
*Red - Order of Souls. It looks like an abstract pattern seen with OoS, and I thought the faction symbol was red at first...
*Rainbow - Just having a fun time.
*Black - Defender. Not pirating, but will defend themselves if provoked.
*Jolly Roger - Pirate. They want your booty, not necessarily your life.
Now, I realize (now) the Order of Souls is actually a shade of purple, but I like the above interpretations. In order to help clear things up, I propose 2 alterations.
1. Change the Red flag to a Purple flag, but keep the pattern.
2. Add an actual basic Red flag, or Red Jolly Roger flag.
I don't believe the current red fits the idea of "Arrrr, KILL ON SITE". A more basic red flag feels more accurate. In addition to the above change, to go along with the abstract faction flags, I propose one for the Bilge Rats, and Athenas.
1. Bilge Rats
2. Athena
And for the heck of it, here are some additional base colors (Blue, Yellow, Purple) with a faction symbol.