The black stripe represents asexuality, the grey stripe representing the grey-area between sexual and asexual, the white stripe sexuality, and the purple stripe community.
With so many differing definitions for what it means to be ace, this flag allows room on the spectrum for all of us.
It was designed by David Jay in 2001 to provide a symbol for asexual people. Since that time, it has grown within the community and spread far beyond it; and many people proudly display the flag as a symbol of their own asexual identity, and as an emblem of asexual pride.