In order to add Alligator indicator to Metatrader 4 chart:
Go to the upper platform Menu:
Insert -> Indicators -> Bill Williams -> Gator Oscillator.
How to trade with Gator Oscillator Indicator
The Gator Oscillator histogram above zero shows the absolute difference between blue and red lines of Alligator indicator, while histogram below zero shows the absolute difference between red and green lines.
There are green and red bars on the Gator Oscillator histograms.
A green bar appears when its value is higher than the value of the previous bar.
A red bars appears when its value is lower than the value of the previous bar.
Gator Oscillator helps to better visualize the upcoming changes in the trends: to know when Alligator sleeps, eats, fills out and is about to go to sleep.
Now let’s see what Gator does
– when after sleeping one of the indicator bars is red and the other one is green (either above or below zero)
– when both bars (above and below zero) are green.
– when after eating one of the bars turn red.
– when both bars are red.
By default, Gator oscillator indicator is set with a slight shift forward when displaying oscillator bars.
When working with Gator ocillator in real time, there is no impact/difference, but if to aattemp visual backtesting, such shift would prohibit from making a real evaluation of Gator indicator performance. Therefore, it is recommended to set shift value to zero as shown on the screenshot below: