Prayers flag from Nepal. A set of 25 flags of 6.5" * 6.5" size (approx). 

Prayer flags are used to promote peace, compassion, strength, and wisdom. The flags do not carry prayers to 'gods,' a common misconception; rather, the Tibetans believe the prayers and mantras will be blown by the wind to spread goodwill and compassion into all pervading space. Therefore, prayer flags are thought to bring benefit to all, although the flags are often associated with Buddhism. 

Traditionally, prayer flags come in sets of five, one in each of five colors. The five colors represent the elements, Five Pure Lights, and are arranged from left to right in a specific order. Different elements are associated with different colors for specific traditions, purposes, and sadhana:

 

Blue (symbolizing sky/space)

White (symbolizing air/wind)

Red (symbolizing fire)

Green (symbolizing water)

Yellow (symbolizing earth)

* Actual design/pattern might vary slightly from the picture listed.