Buildings are increasingly being seen as a potential source of energy flexibility to the smart grid as a form of demand side management. Indicators are required to quantify the energy flexibility available from buildings, enabling a basis for a contractual framework between the relevant stakeholders such as end users, aggregators and grid operators. In the literature, there is a lack of consensus and standardisation in terms of approaches and indicators for quantifying energy flexibility. In the present paper, current approaches are reviewed and the most recent and relevant market independent indicators are compared through analysis of four different case studies comprising varying building types, climates and control schemes to assess their robustness and applicability. Of the indicators compared, certain indicators are found to be more suitable for use by the end user when considering energy and carbon dioxide emission reductions. Other indicators are more useful for the grid operator. The recommended indicators are found to be robust to different demand response contexts, such as type of energy flexibility, control scheme, climate and building types. They capture the provided flexibility quantity, its shifting efficiency and rebound effect. A final cost index is also recommended given specific market conditions to capture the cost of a building providing energy flexibility.