The Alligator indicator uses three smoothed moving averages (SMMAs) named Jaw, Teeth, and Lips. Each one is offset forward (into the future) to indicate convergence/divergence relationships. The SMMAs are calculated on the Median Price. When the market is trending, the Alligator lines will diverge. When the three lines are close together, the Alligator indicates consolidation. The Gator oscillator is often used as a companion study to better understand the divergence/convergence between the three SMMAs.

The Alligator study can hide its Jaw, Teeth, and Lips lines, enabling users to show only the Fractal Arrows to emphasize trading signals.

The Alligator indicator was invented by Bill Williams.