Somebody lay out all of the "rules". I've been on boats where they raise them if the fish is merely hooked...others only once they're leadered. Some fly upside down vs right side up to differentiate release vs retained fish...others have different color schemes for each. Some raise the flag in the stream and run home showing off...others only inside the inlet...others only inside the marina.
I know it's all personal preference and there darn sure aren't any actual rules pertaining to this, but I was just thinking about it earlier and was hoping for a consensus on this oh so important subject