Not really, then it is a swallow-tailed guidon....
Abbreviated from Wikipedia as relates to the UK - Colours are carried by foot regiments. The standard is the colours-equivalent for the heavy cavalry and the guidon is the equivalent for the light cavalry.
The word guidon is a corruption of the French guyde homme – 'the guide man'
Or
World English Dictionary
guidon (ˈɡaɪd ə n)
— n
1. a small pennant, used as a marker or standard, esp by cavalry regiments
2. the man or vehicle that carries this
[C16: from French, from Old Provençal guidoo, from guida guide ]