The Super Alligator Buy/Sell Signal indicator for Metatrader 4 is based on the popular Alligator technical indicator.
It’s a trend following in nature and consists of the Jaws (blue line), Teeth (red line) and Lips (green line). All set to a different period (8, 5, 3).
The Super Alligator Signal indicator makes it super easy for anyone to follow the buy/sell signals generated by the traditional Alligator.
How it works:
A red Super Alligator arrow to buy appears on the MT4 chart when the green line is positioned above the red and blue line AND the red line is positioned above the blue line.
A green Super Alligator arrow to sell appears on the MT4 chart when the green line is positioned below the red and blue line AND the red line is positioned below the blue line.
This trend following indicator can be traded as a stand alone or together with other indicators or analysis tools.
The default indicator period settings can be modified directly from the indicator’s inputs tab.
The EUR/USD 30-Minute chart below displays the Super Alligator Signal Metatrader 4 Forex indicator in action.
Basic Trading Signals
Signals from the Super Alligator Signal MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Open buy trade position when a red arrow appears on the chart (upward Alligator trend).
Sell Signal: Open sell trade position when a green arrow appears on the chart (downward Alligator trend).
Trade Exit: Close the open buy/sell trade when an opposite signal occurs, or use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: Chart pattern indicator
Customization options: Variable (jaws period, jaws shift, teeth period, teeth shift, lips period, lips shift, averaging period) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the alligator-signal-indicator.mq4 into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)