This indi shows the following
2. Alligator (Not a regular alligator)
4. Moving Average
5. Trend Continuation/Mini correction Signal (plotted in X) (See screenshots in green background color
6. Early Signal Detection (See screenshots in green background color)
You may treat Alligator as the lagging indicator
The leading indicator is the supertrend.
The zig zag is based on the leading indicator where it gets plotted when the leading indicator got broken to the opposite.
When a new bull zigzag appears (new bull supertrend), you can place a buy stop order on the previous zigzag point.
SL is set at the last bullish ZigZag point and Take profit is the distance between the 2 zigzag points (bullish and bearish) or when the supertrend got broken again to the opposite (bearish).
You can see more detail in the screenshot.
Bearish scenario is the opposite of the bullish scenario.
By default the indi is using Period of 9 and MA is set to 3.
The X Signals has multiple meanings
1. Continuation trend
2. Sideway market
3. Potential of a reversal.
Therefore it is best to use these Xs as exit point (to perform some take profit).
You could also add another position when X appears and close on the next X that appears right after when the supertrend makes a new high/low.