What is a forex swap?
A swap, also called rollover or overnight financing, is the interest adjustment applied to positions held past the broker's daily rollover time, usually 00:00 server time. When you hold a currency pair, you are effectively borrowing one currency and holding the other, so you pay or earn the difference in their interest rates, plus the broker's markup. The result can be a cost (negative swap) or a credit (positive swap).
This swap calculator estimates the overnight charge for a position using the points-based swap values shown in MetaTrader 5, and converts the result into your account currency.
Where to find swap rates
In MT5, right-click the symbol in Market Watch, choose Specification, and look for:
- Swap type: often "in points". Some brokers use percentage or money-based swaps instead, which this method does not cover.
- Swap long and Swap short: the values for buy and sell positions. They are often different, and one or both may be negative.
- 3-day swap: the weekday on which the triple swap is charged, usually Wednesday.
Swap rates change as central bank rates and broker policies change, so check your broker's current values rather than using old figures.
The formula
Effective nights = Nights held + 2 × Triple-swap nights
Swap (quote ccy) = Lots × Contract size × Point size × Swap points × Effective nights
Swap (account) = Swap (quote) converted to account currency
The point size is the smallest price step: 0.00001 on 5-digit pairs and 0.001 on JPY pairs. A triple-swap night is charged three times, so it adds two extra nights to the count.
Why there is a triple swap night
Forex trades normally settle two business days after the trade date (T+2). A position held over Wednesday's rollover settles on Monday instead of Friday, so it covers the weekend. To account for those two extra days, brokers charge or pay three days of swap on that night. For some CFDs, such as indices or crypto, the triple day may be Friday. Check the specification.
Worked example: EURUSD long over five nights
You hold 2 lots of EURUSD long. Your broker shows a swap long of −7.2 points. You keep the trade from Monday to Saturday morning, which is 5 nights, one of which is the Wednesday triple.
- Effective nights: 5 + 2 × 1 = 7
- One night: 2 × 100,000 × 0.00001 × −7.2 = −$14.40
- Total: 2 × 100,000 × 0.00001 × −7.2 × 7 = −$100.80
So holding this position for a week costs about $100.80 in swap, before spread and commission. For a short-term trade this is small, but on a position held for several weeks it can be a large share of the profit target.
A positive swap on USDJPY
Swaps can also be credits. Suppose your broker shows +12.5 points swap long on USDJPY and you hold 1 lot for 3 nights, including the Wednesday triple.
- Effective nights: 3 + 2 = 5
- Swap in yen: 1 × 100,000 × 0.001 × 12.5 × 5 = 6,250 JPY
- Converted at USDJPY 150: 6,250 ÷ 150 = +$41.67
Positive swaps are not guaranteed income. The broker can change them, and the price move on the pair is usually much larger than the swap earned.
How to use this calculator
- Select the instrument.
- Choose long or short, and enter the matching swap value in points from your platform.
- Enter your position size in lots.
- Enter the number of nights you expect to hold the trade.
- Enter how many of those nights include the triple swap day.
- Choose your account currency and read the swap per night and in total.
Swap and trading costs
Swap is one part of your total cost of holding a position, alongside spread and commission. For swing and position traders, it can matter more than the spread. Include it when planning a target with the profit calculator, and keep in mind that larger positions, sized with the lot size calculator, scale the swap in the same proportion.
Some brokers offer swap-free (Islamic) accounts, which replace swaps with other fees or none at all. The conditions vary, so read the account terms.
Frequently asked questions
How is swap calculated in MT5?
For points-based swaps, MT5 multiplies lots × contract size × point size × swap points for each rollover, then converts to your account currency. The triple day is charged three times.
Which day is triple swap?
Usually Wednesday for forex. Some brokers use Friday for indices, metals or crypto CFDs. Check the "3-day swap" field in the symbol specification.
Why are swap long and swap short both negative?
The broker adds a markup to the interest rate difference. When rates between the two currencies are close, the markup can make both sides negative.
Is swap charged if I close before rollover?
No. Swap applies only to positions open at the rollover time. A trade opened and closed within the same day pays no swap.
Is swap the same for gold?
Gold swaps work on the same points principle, with a point of $0.01 and a contract of 100 oz at most brokers. Gold swaps are often negative on both sides.
Closing note
Overnight swaps are easy to overlook on a single night and hard to ignore over weeks. Estimate them before holding a trade, and recheck your broker's rates regularly.
Trading leveraged products carries a high risk of loss. Results are estimates; check your broker's contract specifications.