Forex Swap Calculator

How to use the swap calculator in 4 steps

1. Choose the instrument, account currency and size. Pick the currency pair or gold, the currency your account is held in, and the trade size in lots.
2. Copy the swap rate from your platform. In MetaTrader, right-click the symbol in Market Watch, open Specification and copy “Swap long” for a buy or “Swap short” for a sell. Negative means you pay. If your broker quotes a yearly percentage, choose that option instead.
3. Enter the nights and the triple-swap day. Count the nightly rollovers you expect to hold through. If one of them is the triple-swap day (usually Wednesday for currency pairs), choose Yes: that night is charged three times.
4. Read the result. The result shows the swap per night and the total in your account currency and in the quote currency. Compare it with the move you expect from the trade.

The swap formula

A swap (rollover or overnight financing) is charged or paid on positions held past the daily rollover, usually 17:00 New York time. Brokers quote it in one of two ways, and the calculator handles both:

Points (MetaTrader): swap per night = swap points × point size × units
Percentage        : swap per night = position value × annual rate ÷ 365
Total             = swap per night × nights charged (triple-swap day counts 3)

A point is the smallest price step: 0.00001 on five-digit pairs such as EUR/USD, 0.001 on yen pairs and usually 0.01 on gold. The result is in the pair’s quote currency (yen for USD/JPY, Swiss francs for EUR/CHF) and is then converted into your account currency.

Where to find your broker’s swap rates

In MetaTrader 4 or 5, right-click the symbol in Market Watch and open Specification. “Swap long” applies to buy positions and “Swap short” to sell positions; the swap type should read “in points”. In cTrader the symbol information panel shows the same, sometimes in pips, so multiply by ten to get points. Brokers that quote a yearly percentage usually publish it on their website for each instrument. Rates move with interest rates and can change daily.

Worked examples

Swap rates and prices below are illustrative.

• EUR/USD, 1 lot long, −6.5 points: −6.5 × 0.00001 × 100,000 = −$6.50 a night; Monday to Saturday morning (5 nights incl. Wednesday) = 7 × $6.50 = −$45.50.
• USD/JPY, 1 lot long, +12.4 points: 12.4 × 0.001 × 100,000 = ¥1,240 a night, about $8.27 at 150.00.
• Gold, 1 lot (100 oz), −45 points: 45 × $0.01 × 100 = −$45 a night.
• Percentage financing, 1 lot EUR/USD at 1.0800, −7.5% a year: $108,000 × 0.075 ÷ 365 = −$22.19 a night.

On a swing trade the swap can matter more than the spread. Two weeks in a position costing $45 a night on gold is well over $600 per lot. Compare that with your stop and target before you hold for long; the profit and loss calculator puts money on the price move.

The triple-swap day and holidays

Spot forex settles two business days after the trade. Holding through Wednesday’s rollover pushes settlement over the weekend, so that night is charged three times. Many brokers apply the triple charge to index, commodity and some metal CFDs on Friday instead, and bank holidays in either currency can add extra nights. The full explanation is in swap and overnight financing; for high-interest currencies, where swaps can dominate the cost of a trade, see trading costs on exotic pairs.

Positive swaps and swap-free accounts

When the currency you hold earns a higher interest rate than the one you have sold, the swap on that side can be a credit; this is the basis of the carry trade. Brokers add their own markup, so both sides are often negative. Swap-free (Islamic) accounts replace swaps with other charges on some instruments; check the terms. See also hidden broker fees.

Frequently asked questions

Risk warning

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Most retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Swap rates are set by each broker and change frequently; the calculator uses the rate you enter and delayed or illustrative exchange rates. The PIP Report is a publisher of financial information and education and is not authorised or regulated by CySEC or any other financial regulator. See the full risk warning and our editorial policy.

Learn more

• Swap and overnight financing
• Exotic pairs: spreads and swaps
• Glossary: triple swap
• All forex tools