Depends on what your state law says, but less folks will recognize the Alpha
so get the "diver Down" with the white stripe, or both.
If you're asking about New York ,(based on your location in your profile) then, from
New York Dive Flags
New York Dive Flags
Rules for NY divers and boaters
Below are the current rules for New York, as far as we can tell.
For Divers in New York
Article 3 "NAVIGABLE WATERS OF THE STATE" of NYS law states:
S 35-b. Markers for skin or scuba divers.
1. The commissioner is hereby authorized to make rules and regulations requiring the use of a red flag with a diagonal white bar to be displayed on the water or from a boat by skin divers or scuba divers which would indicate underwater diving and significantly mark their position in such waters. The commissioner shall specify the size, shape, material of construction and manner of placing such markers.
2. A violation of such rules and regulations so established pursuant to subdivision one herein, shall constitute an offense punishable by a fine not to exceed fifty dollars.
This begs the question: what rules and regulations has the "commissioner" made? After some research, the information below was shared with us by David Harrington.
According to the Study Guide for Public Vessel Operators License published by NY Parks Department:
Persons trained in the use of diving and snorkeling equipment are undertaking much valuable work in regard to salvage and search under water. Scuba diving and snorkeling are also very popular recreational activities. Generally, it is impossible to tell at a glance what the purpose of the person in the water may be, but this is of small concern when the Public Vessel operator remembers that it is his responsibility to insure the safety of all persons using the waterways, for whatever purpose.
The traditional skin divers flag is red with a white diagonal stripe and has been adopted for use by persons engaging in underwater activities. If however, a vessel engaged in diving operations is restricted in its ability to maneuver, it must display a rigid replica of the international code flag "A" which is to be one meter in height. The traditional red and white diver's flag may be shown in conjunction with the alpha flag. Public Vessels engaged in diving operations are required to display one or both of the flags at all times when they have divers or snorkelers in the water. Divers are required to remain within a hundred feet of the dive platform at all times unless they are tethered to a separate float with a diver's flag displayed.
This would seem to indicate that divers must always display both flags, since a dive boat is always "restricted in its ability to maneuver."
For Boaters in New York
According to the Study Guide for Public Vessel Operators License:
If you see the flag floating, do not approach within 100 feet. If you see air bubbles on the surface of the water stop your engines immediately and do not pass over the area!