The Gator Arrow indicator - modified Alligator for MT5
Modern trading is impossible to imagine without the huge research contribution that Bill Williams made to it. Based on his research and discoveries, a large number of auxiliary trading tools have been created, which to this day remain relevant and help the trader in his work. Many trading strategies and systems use these studies.
It's no secret that one of Williams' most famous developments is the Alligator indicator. To date, there are many modifications of this indicator. Gator Arrow is one of the variations of this helper algorithm.
The Gator Arrow tool is a signal arrow indicator that displays four types of signals in the form of arrows and emoticons on the chart.
In accordance with classical concepts, the Gator Arrow indicator, like the well-known Alligator, has four types of signals:
The smiling emoticon above the candle corresponds to the signal - the Alligator is eating.
The sad emoticon above the candle corresponds to the signal - the Alligator is sleeping.
The blue arrow on the chart is a signal to buy.
The red arrow on the chart is a sell signal.
The Gator Arrow indicator has almost the same settings as the classic Alligator, namely:
Parameters responsible for setting the period and shift values of Lips, Jaws and Alligator Teeth.
Additional options for smoothing values.
It should be understood that in order to receive successful signals from the indicator, it is necessary to correctly configure the parameters. You can get the correct parameter values by experimenting on each individual trading instrument.
This modification of the classic Alligator indicator is useful because it allows trader to easily and quickly determine the state in which the indicator is. If you are not yet familiar with the theory of the Alligator indicator, we recommend that you study this interesting theory. A full description of the classic Alligator, as well as the indicator itself, you can find and download on our resource.