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A gobo is Hollywood-talk for “go between.” Anything that can be put between a light source and the subject could be a gobo: your hand, a piece of Cinefoil, a card, some gaffer’s tape....
A flag is an opaque gobo with a rectangular shape. As a Speedliter, you will frequently want to control the spread of your light with a flag. You use a flag on the top, bottom, or either side of your Speedlite.