Swap in forex is the overnight financing a broker charges or pays when a position stays open through the daily rollover. It reflects the interest-rate difference between the pair's two currencies, adjusted by the broker's markup, so buys and sells get different rates and both can be negative. In MetaTrader 5, each symbol's Specification shows Swap long, Swap short, the swap type and a multiplier for each weekday.
Every number on this page is illustrative, not a recommendation or a current broker rate. Swap is one of the four costs mapped in the trading mechanics library, alongside spread, commission and slippage. Automation sends the orders your rules request; the broker still applies swap to any position those orders leave open overnight.
Forex swap at a glance
Scroll horizontally to read every column.
| Term | What it means | Where to check it in MT5 |
|---|---|---|
| Swap (rollover fee, financing rate) | The amount charged or credited when a position is held through the daily rollover. | The Swap column in the Trade tab, while the position is open.[1] |
| Swap long and Swap short | Separate values for buy and sell positions. Either can be a charge or a credit. | The symbol Specification.[2] |
| Swap type | The unit of those two values: points, money in a named currency, a percentage, or a close-and-reopen mode. | The Specification; SYMBOL_SWAP_MODE in MQL5.[3]
|
| Swap rates | A multiplier for each weekday's rollover: 0, 1 or 3. | The Specification; SYMBOL_SWAP_MONDAY to SYMBOL_SWAP_SUNDAY. |
| Triple-swap day | The weekday whose rollover is charged three times, to cover the weekend. |
SYMBOL_SWAP_ROLLOVER3DAYS, a per-symbol property. |
| Rollover time | The broker's daily cut-off for open positions. | The broker's terms, not a fixed MT5 setting. |
| Swap-free account | An account type at some brokers with no swap, sometimes with other holding fees instead. | The broker's account terms. |
Other names describe the same charge. Charles Schwab's forex guide calls it a financing rate, and notes it is also known as a "rollover rate" or "roll rate".[4] The Market Watch Trading tab in MT5 shows the current swap for short and long positions next to the spread.[2]
How is swap calculated in forex?
Swap starts as an interest-rate calculation. A currency pair position is long one currency and short the other. Schwab's guide explains that the trader earns interest on the currency held and pays interest on the currency owed, and the difference is the net financing rate.[4]
Financing rate for one side = interest rate on the currency held − interest rate on the currency owed − broker markup
The formula is a simplified model of Schwab's explanation, with one markup taken from each side. Brokers set their own method and publish only the result.
- Rates: each is a rate for a full year. Schwab says financing rates are interbank funding rates, not central bank rates, and that they change as interest rates change.[4]
- Markup: the broker's charge on top of the rate difference. Schwab notes that a debit can apply whether you are long or short, when the interest differential is smaller than the markup.[4]
- What MT5 shows: the Specification lists only the resulting Swap long and Swap short values, set by the broker, not the rates or markup behind them.[2]
Illustrative rates, not current market or broker rates. The pair's base currency is listed first, so a buy holds the base currency and owes the quote currency.
| Illustrative case | Buy (hold base, owe quote) | Sell (hold quote, owe base) |
|---|---|---|
| A: base 1.00%, quote 3.40%, markup 0.60% | 1.00 − 3.40 − 0.60 = −3.00% | 3.40 − 1.00 − 0.60 = +1.80% |
| B: base 3.00%, quote 3.25%, markup 0.50% | 3.00 − 3.25 − 0.50 = −0.75% | 3.25 − 3.00 − 0.50 = −0.25% |
In case B the rate difference, 0.25 percentage points, is smaller than the 0.50-point markup, so both directions pay.
How MT5 turns the swap values into money
MetaQuotes defines the swap type as the calculation method, and the method sets the units of Swap long and Swap short.[3] As of 25 September 2026, the MT5 Help and the MQL5 Reference document these swap types:[2][3]
- In points: Swap long and Swap short are a number of points of the symbol's price.
- In money: they are an amount in the symbol's base currency, its margin currency, its profit currency or the account's deposit currency.
- As a percentage: they are a percentage rate for a full year, applied to the current price or to the position's open price. MQL5 uses a standard bank year of 360 days.
- Close and reopen: the position is closed at the end of the trading day and reopened the next day at the close price or the Bid, plus or minus the stated points.
- Disabled: the symbol has no swaps.
Swap charged at one rollover = one night's swap for the position × that weekday's multiplier
One night's swap in points mode (quote currency) = swap points × point size × contract size × lots
The multiplier comes from the Specification's Swap rates: MT5 multiplies the swap by that day's ratio when it charges it, and charges nothing on a day with no ratio.[2] The points formula follows from the definition of a point. For EURUSD quoted to five decimals with a 100,000-unit contract, 0.00001 × 100,000 = US$1 per point per 1.00 lot. Convert from the quote currency when the account uses another currency.
A percentage type works from the position's value instead. Illustratively, take case A's −3.00% for a year on 1.00 lot of EURUSD at 1.20000. The position is worth 1.00 × 100,000 × 1.20000 = US$120,000, so one night on MQL5's 360-day convention is 120,000 × 0.03 ÷ 360 = US$10.00, charged as −US$10.00. Confirm how your broker applies a percentage type on a demo position before relying on the arithmetic.
Worked example: one week of swap on a 0.50-lot buy
Illustrative example, not a recommendation or a real broker's rates. The invented EURUSD Specification reads: five digits (point 0.00001), contract size 100,000, Swap type "In points", Swap long −8.0, Swap short +2.0. Swap rates are 1 from Monday to Friday except Wednesday, which is 3, and 0 on Saturday and Sunday. The account is in USD.
- Point value at 0.50 lot: 0.00001 × 100,000 × 0.50 = US$0.50 per point.
- One night for the buy: −8.0 × US$0.50 = −US$4.00. For a sell of the same size: +2.0 × US$0.50 = +US$1.00.
- Pip value at 0.50 lot: 0.0001 × 100,000 × 0.50 = US$5 per pip. With an illustrative 50-pip stop, R = 50 × US$5 = US$250.
The buy is opened on Monday and closed the following Monday, before that day's rollover:
| Rollover | Multiplier | Buy swap (running total) |
|---|---|---|
| Monday to Tuesday | 1 | −US$4.00 (−US$4.00) |
| Tuesday to Wednesday | 1 | −US$4.00 (−US$8.00) |
| Wednesday to Thursday | 3 | −US$12.00 (−US$20.00) |
| Thursday to Friday | 1 | −US$4.00 (−US$24.00) |
| Friday to Saturday | 1 | −US$4.00 (−US$28.00) |
| Saturday to Sunday, Sunday to Monday | 0 | US$0.00 (−US$28.00) |
The multipliers add up to 1 + 1 + 3 + 1 + 1 = 7, one for each calendar day. The week costs 7 × −US$4.00 = −US$28.00, which is 28 ÷ 5 = 5.6 pips, or 28 ÷ 250 = 0.112R. The same week credits a 0.50-lot sell with 7 × US$1.00 = +US$7.00, while those invented values last.
Timing moves the total. Closed before Wednesday's rollover, after two nights, the buy pays US$8.00, or 0.032R. Held through Wednesday's rollover as well, it pays US$20.00, or 0.08R: the extra night costs three times an ordinary one.
When is swap charged, and which day is tripled?
Swap is charged at the rollover, the daily cut-off at which an open position is carried to the next trading day. Schwab's guide treats 5 p.m. ET as the close of the forex trading day and finances any position open at that time.[4] Your broker's cut-off can differ, and the MetaQuotes pages cited here do not fix a clock time. For U.S. forex dealers, the National Futures Association's guide says platforms should ensure automatic rollovers comply with the terms disclosed in the customer agreement.[5]
- Which clock: the cut-off is set in the broker's time, while a TradingView chart can display another timezone. The broker server time guide shows how to line the clocks up.
- Which day is tripled: MetaQuotes' own example uses 3 for Wednesday, so the Wednesday-to-Thursday rollover is charged three times.[2] Schwab says Wednesdays are typically used to account for weekends, with exceptions such as bank holidays.[4]
-
Per symbol: in MQL5,
SYMBOL_SWAP_ROLLOVER3DAYSis the day of the week on which a symbol charges the 3-day swap, andSYMBOL_SWAP_MONDAYtoSYMBOL_SWAP_SUNDAYeach hold 0, 1 or 3.[3] Because these are symbol properties, the triple day can differ between symbols. Check each symbol's Specification. - The weekend itself: in the configuration above, the Saturday and Sunday nights are paid through the triple day, not on the weekend. Price gaps at the reopen are a separate issue, covered in weekend gaps and the market open.
Where does swap show up from TradingView alert to MT5 position?
Swap attaches to the position on the broker's server. The alert that opened the position carries no swap information, and each stage of the path records swap differently.
- Idea to rule. "Hold until the trend ends" has no cost until it has a holding period. Write down how many rollovers a typical trade crosses, and whether a triple day is among them.
- TradingView strategy report. A Pine Script v6 strategy can simulate commission and slippage.[6][7] As of 25 September 2026, neither TradingView page documents a swap or financing setting, so deduct swap from the report yourself.
- Alert and PineConnector. No swap is charged when a condition is true or an alert triggers. Swap arises only if a resulting position is still open at the rollover. PineConnector's EA settings reference and syntax pages do not describe a swap-based filter or a rollover-time setting: not documented, so test any such behaviour on demo.
-
MT5 position. The Trade tab's Swap column shows the swaps charged so far.[1] In MQL5,
POSITION_SWAPholds the cumulative swap of an open position andDEAL_SWAPthe cumulative swap on the closing deal.[8][9] Under a close-and-reopen swap type, the position ticket can change when the swap is charged.[1] - Reports. MT5's trading report classes each deal as profitable or losing after commission, fees and swap.[10] PineConnector's EA dashboard includes commission, taxes and swap in its displayed profit by default, and can omit them.[11]
A rule that requires closure before rollover needs a supported close request before the broker’s cutoff. If TradingView sends that request, use a separate exit alert and convert the cutoff into its time basis. PineConnector also documents a weekly Close All Trades task with its own timezone and broader account scope; check whether that scope matches the rule.[18]
Demo test only. Confirm every account sharing the selected License ID is a demo account before creating the alert. These messages request broker trades or closures. Check the exact symbol and permitted volume, and add your configured secret= if required.[19]
Illustrative close message, not a recommendation. After confirming the demo account scope, paste it into the TradingView alert’s Message field with the intended License ID and exact broker symbol:
LicenseID,closelong,EURUSDThe closelong command requests closure of matching buys for the symbol.[12] A close request is not a confirmed close. Webhook delivery, PineConnector processing, the EA's order request and the broker's deal are separate steps, and an exit sent close to the cut-off can arrive after it.
Why does swap matter more for swing trading?
An intraday rule that closes before the cut-off pays no swap. A swing rule pays for every night it holds, so its cost grows with time instead of with the number of trades. The scalping vs swing trading guide compares the two holding styles.
On the worked example's invented terms, a four-week hold at 0.50 lot crosses 4 × 7 = 28 multiplier units: 28 × US$4.00 = US$112.00, or 22.4 pips, or 0.448R on the 50-pip stop. The spread and commission of that round trip stay the same, while the swap keeps adding up.
Costs in R also move the break-even win rate. With a planned 2R target and a 1R stop, the break-even win rate is 1 ÷ 3 = 33.3% before costs. With a swap cost of c = 0.112R on every trade, it becomes (1 + 0.112) ÷ 3 = 37.1%. The 2R target is an illustration, not a suggested target. The full cost of a trade adds spread, commission and slippage to the same budget.
MT5's Strategy Tester can leave swap out too. MetaQuotes says swap and commission calculations are eliminated when profit is calculated in pips, and recommends that mode only for rough estimates.[13] The tester report's MFE and MAE graphs plot each position's profit including swaps.[14]
What is a swap-free account?
A swap-free account is an account type, offered by some brokers, on which overnight swaps are not charged or paid. Both broker pages cited here also call it an Islamic account. One describes its version as tailored for traders who cannot earn or pay interest because of their religious beliefs.[15]
Swap-free does not mean free of holding costs. Another broker's published terms remove swap charges but apply a handling fee per lot on selected instruments once a grace period ends.[16] Eligibility, fees and the instruments covered are the broker's terms. Read them, then open the Specification while logged in to that account. The Disabled swap type in MQL5 is the symbol-level setting for no swaps.[3]
What do people commonly get wrong about swap?
- Assuming Wednesday for every symbol. The triple day is a symbol property, and a symbol's Swap rates can set it elsewhere or leave it out. Check the Specification.
- Reading the values as money. In points mode, "−8.0" means 8 points: −US$4.00 a night at 0.50 lot of EURUSD in the worked example. In a money mode, the same figure would be an amount of money. The swap type sets the unit.[3]
- Mixing day counts. Schwab's example calculates with 365 days, while MQL5 describes a 360-day bank year for its percentage types.[4][3] Use your broker's convention.
- Treating the sign as permanent. Financing rates change as interest rates change, and a credit today can be a charge later.[4] Record the Specification values with the date.
- Copying a cutoff between clocks. Convert the broker’s cutoff into the time basis of the chosen alert or task, allow for delivery and verify the actual close. The Portal task uses its displayed timezone, not automatically broker server time.[18]
- Comparing reports with different cost treatment. A TradingView report without swap, an MT5 report with it and a PineConnector dashboard set either way do not measure the same result. PineConnector's Analytics guide says to check which costs a net profit figure includes before comparing it.[17]
- Treating a positive swap as a reason to hold. A credit is a cost term that the broker can change, not an edge. Automation executes the holding period your rules define; it does not make that period cheaper.
Frequently asked questions
What is a rollover fee in forex?
A rollover fee in forex is the swap charged when a position stays open past the broker's daily cut-off and is carried to the next trading day. It reflects the interest-rate difference between the pair's two currencies, less the broker's markup, and it can be a charge or a credit. In MetaTrader 5, the symbol Specification lists the values as Swap long and Swap short.
What is overnight financing?
Overnight financing is another name for swap: the amount charged or credited for holding a position through the daily rollover. Charles Schwab's forex guide calls it a financing rate, also known as a rollover rate or roll rate. In MetaTrader 5, each symbol's Specification sets it through the swap type, Swap long, Swap short and a multiplier for each weekday.
Why is there a triple swap on Wednesday?
A triple swap charges three days of financing on one rollover so that the weekend is paid for. Charles Schwab's forex guide says Wednesdays are typically used to account for weekends, with exceptions such as bank holidays. In MetaTrader 5 the day is a per-symbol setting, SYMBOL_SWAP_ROLLOVER3DAYS, so check the Specification's Swap rates rather than assuming Wednesday.
What is a swap-free account?
A swap-free account, sometimes called an Islamic account, is an account type offered by some brokers on which overnight swaps are not charged or paid. Published terms can replace swap with other holding costs: one broker lists a per-lot handling fee on selected instruments after a grace period. Read the account terms and the symbol Specification on that account before relying on it.
Can a forex swap be positive?
A forex swap can be positive on one side of a pair when the interest rate on the currency held exceeds the rate on the currency owed by more than the broker's markup. Both sides can be negative when the rate difference is smaller than the markup. Rates change as interest rates change, so read the current Swap long and Swap short values in MetaTrader 5.
Reviewed 25 September 2026. Facts were checked against the linked sources on that date. Nothing in this article was tested on a trading account and no code was compiled.
Related reading
- Trading mechanics: orders, lots, margin and costs
- The full cost of a trade: spread, commission, swap and slippage
- Broker server time vs UTC vs TradingView time
- Break-even win rate before and after costs
- Scalping vs swing trading in forex
Sources
- MetaQuotes – Executing Trades: open positions and the Swap column (MetaTrader 5 Help), accessed 25 September 2026.
- MetaQuotes – Market Watch: viewing symbol specification (MetaTrader 5 Help), accessed 25 September 2026.
- MetaQuotes – MQL5 Reference: Symbol Properties, accessed 25 September 2026.
- Charles Schwab – How to Calculate Financing Rates on Forex Trades, accessed 25 September 2026.
- National Futures Association – Forex Transactions: Regulatory Guide, accessed 25 September 2026.
- TradingView – Strategy properties, accessed 25 September 2026.
- TradingView – Pine Script Strategies: simulating trading costs, accessed 25 September 2026.
- MetaQuotes – MQL5 Reference: Position Properties, accessed 25 September 2026.
- MetaQuotes – MQL5 Reference: Deal Properties, accessed 25 September 2026.
- MetaQuotes – Trading Report (MetaTrader 5 Help), accessed 25 September 2026.
- PineConnector Docs – EA settings reference: Dashboard, accessed 25 September 2026.
- PineConnector Docs – PineConnector Syntax: close positions, accessed 25 September 2026.
- MetaQuotes – Strategy Testing (MetaTrader 5 Help), accessed 25 September 2026.
- MetaQuotes – Testing Report (MetaTrader 5 Help), accessed 25 September 2026.
- Axi – Islamic trading account, accessed 25 September 2026.
- Tickmill – Islamic account, accessed 25 September 2026.
- PineConnector Docs – Trading analytics: read the performance metrics, accessed 25 September 2026.
- PineConnector – Tasks: scheduled closure, timezone and account scope, accessed 25 September 2026.
- PineConnector – Test your setup: demo account and License ID scope, accessed 25 September 2026.
PineConnector executes the instructions you send it. It does not select trades, manage money, or hold funds. Trading carries risk, and past performance of any strategy does not indicate future results.
