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 standalone or together with other indicators or analysis tools.
The default indicator period settings can be modified directly from the indicator’s inputs tab.
Free Download
Download the “alligator-signal-indicator.mq4” MT4 indicator
Indicator Chart (EUR/USD M30)
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 go 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.
Super Alligator Signal + Renko Boxes Indicator Forex Strategy for MT4
This MT4 strategy combines the Super Alligator Signal MT4 indicator and the Renko Boxes MT4 indicator.
The Super Alligator Signal gives arrows: a red arrow for buy signals and a blue arrow for sell signals.
The Renko Boxes indicator helps filter trend direction by coloring boxes: blue for bullish and red for bearish.
Using both together helps confirm momentum and filter out noise for clean entries.
This strategy works well on M15 and H1 charts and suits major and cross currency pairs with clear price movement.
Buy Entry Rules
- The Super Alligator Signal indicator prints a red arrow for a buy signal.
- The Renko Boxes on the chart are blue, indicating bullish trend momentum.
- Enter a long trade immediately after the red arrow appears if the Renko background is blue.
- Place a stop loss just below the recent swing low or below the bottom of the last red Renko box.
- Take profit when price action shows reversal signs or when Renko boxes turn red. Close trade before reversal or scale out in parts.
Sell Entry Rules
- The Super Alligator Signal indicator prints a blue arrow for a sell signal.
- The Renko Boxes on the chart are red, showing bearish trend momentum.
- Enter a short trade immediately after the blue arrow appears if the Renko background is red.
- Place a stop loss just above the recent swing high or above the top of the last blue Renko box.
- Take profit when price begins to show reversal signs or when Renko boxes change to blue. Exit before reversal or scale out gradually.
Advantages
- Combines clear entry signals with a trend filter to reduce noise-driven trades.
- Renko boxes smooth price action and highlight trend direction clearly.
- The strategy works on multiple timeframes, from M15 and H1 for stable moves to lower timeframes for more opportunities.
- Suitable for many currency pairs showing decent volatility and trending behavior.
Drawbacks
- Price retracing sharply after an arrow signal may trigger a stop loss before the trend resumes.
- Relying on Renko box color may ignore price action nuances, causing premature entries or exits.
- The strategy may produce fewer trades during quiet sessions, reducing overall performance.
- Short-term trades may be affected by spread and slippage, especially on volatile pairs.
Example Case Study 1 (EURUSD H1 bullish move)
On EURUSD H1 during a trending session, the Super Alligator Signal placed a red arrow at 1.1025.
The Renko Boxes background was blue.
A long trade was entered at 1.1027 with a stop loss at 1.0998, below recent swing low.
Price rose steadily and Renko boxes remained blue.
The trade was closed when a Renko box changed to red at 1.1082, capturing 55 pips.
Example Case Study 2 (USDJPY M15 bearish move)
On USDJPY M15, a blue arrow appeared from the Super Alligator Signal at 155.10 while Renko Boxes were red.
A short trade was entered at 155.08. Stop loss was placed at 155.45, above the recent swing high.
Price declined and remained aligned with the red Renko boxes.
The trade was closed when a blue Renko box formed at 154.65, for a profit of 43 pips.
Strategy Tips
- Do not enter trades when Renko boxes are switching colors rapidly. Wait for a stable sequence of at least two to three aligned boxes.
- Consider scaling out to take partial profit and trail stop for the rest of the position.
- Avoid trading around major news releases to prevent false signals and reversals.
- Use a broker with low spreads and fast execution to reduce slippage.
- Adjust stop loss based on recent volatility for each pair.
- Backtest the strategy on each pair before live trading for optimal customization.
Download Now
Download the “alligator-signal-indicator.mq4” Metatrader 4 indicator
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
Type: trend
