Enter your broker's exact swap rates from MT4/MT5 for 100% accurate results — or use reference estimates. Shows daily, weekly, monthly and yearly swap costs.
select pair and enter lot size
⚡ Mode:
📋 How to get your rates: In MT4/MT5 → Right-click pair in Market Watch → Specification → copy Swap Long and Swap Short values
Pair / Instrument
Long swap (pips) from MT4/MT5
Short swap (pips) from MT4/MT5
Pip value ($/pip/lot)
Lot size
Direction
Days held
Daily Swap
—
Rate Source
—
Monthly Projection
—
Full breakdown (click to copy)
Trading Decision
Check the Rate Source card
If it reads "Estimate," treat the dollar figure as directional only. Switch to Manual mode and enter your broker's own Swap Long/Short values before using this number to plan a multi-day hold.
Watch for Wednesday
Most brokers charge triple swap on Wednesdays to cover the weekend. A position held Monday–Friday costs more than 5× the daily rate, not exactly 5×, once Wednesday's multiplier is included.
Negative swap isn't automatically a reason to close
If the trade thesis is still valid and the swap cost is small relative to expected profit, paying swap can be the right call — compare the daily cost against your position's expected daily movement, not against zero.
How to Use the Forex Swap Calculator
Select your currency pair or instrument — choose from major forex pairs, Gold (XAUUSD), Silver (XAGUSD), indices (US30, NAS100, SPX500), or crypto (BTCUSD).
Enter lot size — the size of your position in standard lots. 1.0 = 1 standard lot. 0.1 = 1 mini lot. 0.01 = 1 micro lot.
Select direction — Long (Buy) or Short (Sell). Swap rates are different for each direction depending on the interest rate differential between the two currencies.
Enter days held — how many nights you plan to hold the position. The calculator shows the total swap cost or earning for that duration.
Review both directions — the results show swap costs for both long and short, helping you choose the lower-cost direction when both are valid trade setups.
⚠️ Wednesday warning: The Wednesday overnight swap is 3× the normal rate to compensate for the weekend. If you hold positions into Wednesday evening, your swap cost for that single night equals three normal nights. For longer swing trades, factor this into your weekly cost calculation.
Understanding Forex Swap and Rollover
Forex swap (also called rollover or overnight financing) is the interest charged or earned for holding a currency position past the daily cutoff — typically 5 PM New York time. It reflects the interest rate differential between the two currencies in the pair.
💱 How Swap Works
When you buy EURUSD, you are borrowing USD (paying interest) and lending EUR (receiving interest). If EUR interest rates are lower than USD rates, you pay the net difference as swap. If EUR rates are higher, you receive the net difference.
📅 Daily Cutoff
Positions held open at 5 PM New York time (server midnight for most brokers) are subject to overnight swap. Positions closed before this time pay no swap.
3️⃣ Wednesday Triple Swap
To account for the weekend settlement, Wednesday overnight carries 3× the normal swap. This means holding a position from Wednesday to Thursday costs three days of swap in one night.
➕ Positive Swap
You can earn swap by being on the right side of the interest rate differential. Long USDJPY typically earns positive swap because USD has higher interest rates than JPY — this is the basis of carry trading.
💼 Carry Trading
A strategy that deliberately exploits positive swap — buying high-interest-rate currencies against low-interest-rate currencies and holding for weeks or months, earning daily swap as income in addition to any price movement.
📊 Swap vs Spread
For short-term traders holding positions for hours, spread cost dominates. For swing traders holding for days or weeks, swap can become equal to or greater than the initial spread cost. Always factor both into your trade planning.
Swap Strategy for Prop Firm Trading
Impact on challenge profit targets
Swap costs are often overlooked in challenge planning but can meaningfully impact results. On a $100,000 account trading 1 lot of EURUSD with -$6.50 daily swap on a long position, holding for 20 nights costs $130 — equivalent to 0.13% of account. While seemingly small, this represents 1.6% of an 8% profit target. Over a 30-day challenge with multiple positions, swap becomes significant.
Minimising swap costs
Choose the lower-swap direction when both long and short are valid setups. On EURUSD, the short side often has a lower (or positive) swap compared to long during periods of USD rate advantage. Also consider closing positions before the daily cutoff if the trade is not clearly trending — paying spread to re-enter is sometimes cheaper than overnight swap.
Swap-free accounts
Most prop firms offer Islamic (swap-free) accounts that replace swap charges with administrative fees. For traders holding positions multiple days, swap-free accounts can be significantly cheaper — especially for Gold (XAUUSD) positions where swap rates are typically high. Request swap-free status if your trading style involves holding positions beyond 2–3 days.
📋 Pre-trade checklist: Before entering any position you plan to hold overnight, calculate the expected swap cost using this tool. Add it to your total trade cost alongside spread and commission. If the swap cost represents more than 10% of your expected profit, reconsider the trade duration or direction.
Swap Formula
Daily Swap Cost = Swap Rate (pips) × Pip Value per Lot × Lots, applied at triple rate on the broker's designated rollover day (commonly Wednesday).
Worked example
2 lots EUR/USD long, broker's Swap Long rate = -6.5 pips, pip value $10/lot: daily cost = -6.5 × 10 × 2 = -$130/night. Over 5 nights (Mon–Fri) including one triple Wednesday: (4 × -$130) + (3 × -$130) = -$910 total for the week.
Assumption: Manual mode uses your exact broker rate; Estimate mode uses industry-average reference rates that will differ from your actual broker — always verify with Manual mode before relying on the figure for planning.
Avoid These Mistakes
Trusting Estimate mode for real planning
Reference rates are industry averages and can differ substantially from your actual broker's rates — use them for a rough sense only, never for exact multi-day cost planning.
Forgetting the Wednesday multiplier
A position held over a Wednesday costs 3× the normal daily rate that night — a simple "days held × daily rate" estimate will understate the real cost.
Ignoring swap on "quick" trades that run long
A trade planned as a same-day scalp that ends up held overnight incurs swap you didn't plan for — factor in the possibility before entering, not after.
Not checking for a swap-free account option
If you regularly hold multi-day positions, an Islamic/swap-free account may cost less overall than accumulated swap charges — worth checking with your broker.
Frequently Asked Questions
What is a forex swap?
A forex swap (also called rollover or overnight fee) is the interest charged or earned for holding a position overnight past the daily cutoff (usually 5 PM New York time). It reflects the interest rate differential between the two currencies in the pair. You pay swap on one side and earn on the other.
Why is Wednesday swap 3x?
The Wednesday triple swap compensates for the weekend. Trades rolled over on Wednesday settle on Friday, but the next settlement day is Monday — spanning 3 calendar days. So Wednesday's swap covers Friday, Saturday, and Sunday simultaneously.
When do I earn positive swap?
You earn swap when you buy the higher interest rate currency and sell the lower one. Example: Long USDJPY earns positive swap because USD has higher interest rates than JPY. This is the basis of 'carry trading' — borrowing in low-rate currencies to buy high-rate currencies.
How do swap rates affect prop firm trading?
Swap costs reduce your profit on trades held overnight. For short-term prop firm challenges, swaps are usually a minor factor. But if you trade XAUUSD or hold positions for multiple days, swap costs add up and eat into your challenge profit target. Always factor swap into your trade planning.
References
🏛️ U.S. NFA
Retail forex rollover and swap disclosure standards — nfa.futures.org
🇪🇺 ESMA
EU retail forex/CFD cost-disclosure framework — esma.europa.eu
📄 Your broker's specification sheet
The only fully accurate source for swap rates — check MT4/MT5 Market Watch → right-click your pair → Specification.
Last updated: 12 July 2026 · Estimate-mode reference rates are approximate industry averages, not live broker data.