Colored Alligator Metatrader 4 Forex Indicator
The colored Alligator Forex MT4 indicator is a popular trend trading indicator that works for any currency pair and time frame.
It consists of 3 lines, known as the Jaws, Teeth and Lips.
Signals from the Alligator indicator are easy to trade and understand, even for newbie traders.
Alligator uses the following default values: 13 for the Jaws period, 8 for the Teeth period and 5 for the Lips period.
Naturally, you can play with its default values.
Alligator for Metatrader 4 can be used for scalping day trading and swing trading purposes.
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Alligator Indicator Chart
Here’s an example of how the Alligator indicator should look like when loaded onto the Metatrader 4 chart.
You can apply the indicator to any currency pair and time frame of your preference.
Finding Buy and Sell Triggers With Alligator Technical Analysis Chart Indicator
Below is an example of how to buy and sell currency pairs with this Forex indicator:
Buy Trigger: Open a long trade when the green line is positioned above the red and blue Alligator lines AND the red line is positioned above the blue line.
A stop loss can be placed slightly below the previous swing low support, or use your own stop loss strategy.
Exit the buy trade when an opposite sell signal appears on the trading chart, or you exit the buy trade at a fixed profit target of 1:1 reward:risk or better.
Sell Trigger: Open a short trade when the green line is positioned below the red and blue Alligator lines AND the red line is positioned below the blue line.
A stop loss can be placed slightly above the previous swing high resistance, or use your own stop loss strategy.
Exit the sell trade when an opposite buy signal appears on the trading chart, or you exit the sell trade at a fixed profit target of 1:1 reward:risk or better.
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Jaws period, Teeth period, Lips period, colors, width, style.
The indicator can be used as a stand-alone signals indicator.
It can also be combined with:
- Trading oscillators (MACD, Stochastic, RSI,…)
- Trend indicators (Moving Average, Bollinger Bands, ADMI,…)
- Price action methods and techniques
More Info About This Indicator
Tradable Currency pairs: Any
Trading Platform: MT4
Time frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: trend
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.