Cryptic crossword clue
Long streamer displayed by group, role-playing 8

The most common and most likely answer to this crossword clue is the 8 letter word BANDEROL

I've seen this crossword clue in The Guardian
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Buddy explains!

The straight part
We know that "Long streamer" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case long streamer = banderol.
The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.
This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.

What does BANDEROL mean?

BANDEROL noun
  1. A little banner, flag, or streamer.
  2. A flat band with an inscription, common in Renaissance buildings.

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