According to the Declaration of the National Council of Western Armenia (December 17, 2004), Western Armenia should have its own flag, anthem and coat of arms.
On this basis, the National Council approved the flag of Western Armenia.
I’ve created a vector version that I’m releasing under creative commons. Everyone who wants to use it to make a personal flag feel free to do so. Here is the vector file:
My quick analysis:
At first glance the sturcture of the flag resembles the Ejmiatsin flag. Also we see the flag depicts the Armenian Wheel of Eternity at the center. The 8 pointed Armenian star is distinctly noticeable around the eternity sign. And off course the Christian cross on the backdrop. Colors remind us of many west Armenian flags but I am not sure about their precis meaning.