Having had a look at the Alligator indicator, a quick run through the theory and math behind the Gator oscillator – if you’re familiar with how you can obtain a centered oscillator from such as MACD, it’s pretty much the same deal – except here, with 3 lines to play with, you’ll have 2 histograms, rather than the one.

The Gator Oscillator is a measure of convergence/divergence

The upper histogram = distance between the blue and red lines = between the Alligator’s jaws and teeth
The lower histogram = distance between the red and the green lines = between the Alligator’s teeth and lips.

And again, the histogram bars can be colored red or green:
Red if lower than previous bar
Green if higher than previous bar.

Convergence, ie histogram bars decrease indicate the Alligator is sleeping – divergence, histogram bars increase – Alligator has woken up and a trend is forming…