http://beta.active.com/cycling/articles/8-cycling-hand-signals-for-your-next-group-ride
This is an informative article on Active.com for hand communications while riding in a group. There are variations on these but they all seem to make sense.
Please make note of the signal for pulling off. Some use the butt pat to indicate they want off. I don’t know where that started but the elbow flick is the correct signal. I like the butt pat for identifying a dangerous rider.
My 2 cents on pointing out holes or obstacles is this – there needs to be a balance between pointing out what is dangerous and what is annoying. Manhole covers can be annoying but not everyone of them should be pointed out unless it’s raining. Too much pointing creates a “cry wolf” mentality for those behind. Some people point out every last manhole cover, hole, pebble, pine cone, blade of grass. Through The Market Common there are several manhole covers. Many/most/all of those can easily be ridden over with out any problem. There is a manhole cover on Hwy 17 in front of the Galleria that could easily wreck someone or cause a flat. I try to be judicious in my points to things I think are truly menacing. As I heard one such person express in a heavy British accent, “unless it’s going to bloody well kill me, don’t point at it!”
That being said, I would always say to err on the side of pointing.
One other “peeve” of mine. Please don’t call out cars that have no possibility of being a problem to the group. Too many times have people called out cars coming toward us in the opposite lane. That just becomes tiresome. Now if they’re coming at us in our lane, by all means SCREAM it!