In this article (14 sections)
- What does swap mean on MT5?
- What is a forex swap or rollover fee?
- Long swap vs short swap
- Where to find swap rates in MetaTrader 5
- Where to find swap rates in MetaTrader 4
- How forex swap fees are calculated
- Worked example: deposit-currency swap mode
- Forex rollover time: when is swap applied?
- Triple swap: why three days can be charged at once
- Swap vs commission and spread
- Can forex swap be positive?
- Swap-free / Islamic accounts and the “is swap fee haram?” question
- How to check the current swap cost before holding overnight
- Frequently asked questions
On MT5, “swap” is the broker-defined rollover or overnight financing amount applied when a position remains open across the relevant daily cutoff. MT5 shows separate long and short swap values, while the calculation unit depends on the symbol’s Swap type. The rollover schedule, daily multipliers and final account charge are set at broker and symbol level, so there is no universal swap rate or universal rollover clock.
What does swap mean on MT5?
A swap on MetaTrader 5 is the financing value attached to holding a position through the broker’s daily rollover point. The platform exposes the broker-configured fields rather than calculating one universal market rate. A positive value can result in a credit and a negative value in a debit, depending on the symbol, direction and broker setup.
| MT5 field | What it tells you | Key caution |
|---|---|---|
| Swap type | The calculation method and unit used for the symbol. | Do not apply a points formula if the symbol uses deposit currency, interest or another mode. |
| Swap long | The swap value for buy positions. | Its sign and amount can change. |
| Swap short | The swap value for sell positions. | Do not infer it from the long value. |
| Daily swap multipliers | The ratio applied on each weekday, including any 3x day. | The triple-swap day is configurable by symbol, not universally Wednesday. |
What is a forex swap or rollover fee?
In retail forex and CFD trading, rollover refers to the financing treatment applied when a leveraged position remains open across the broker-defined trading-day boundary. The institutional FX market uses tom-next mechanics to roll settlement forward, but a retail broker’s posted swap is not necessarily a one-for-one pass-through of institutional tom-next. The broker can apply its own product methodology, adjustments and account terms.
Swap can therefore be a debit or a credit. It is separate from the bid-ask spread and from any dealing commission, although all three can contribute to the total cost of a position.
Long swap vs short swap
| Direction | MetaTrader field | What can happen | What to verify |
|---|---|---|---|
| Buy / long | Swap long | Debit or credit | Current symbol specification and swap mode |
| Sell / short | Swap short | Debit or credit | Current symbol specification and swap mode |
Long and short swap do not have to be mirror images. One side may be positive while the other is negative, and both can be negative. Interest-rate differences can influence carry economics, but the actual retail value applied to the account should be taken from the broker’s current specification rather than inferred from macro rates alone.
Where to find swap rates in MetaTrader 5
- Open Market Watch and select the instrument you want to inspect.
- Open the symbol Specification from the Market Watch context menu.
- Find Swap type, Swap long and Swap short.
- Check the weekday swap multipliers shown for the symbol, including any day with a 3x multiplier.
- Match those fields to the exact broker server, legal entity and account type you use, then recheck before holding the position overnight.
Official MetaTrader 5 documentation confirms that the symbol specification is broker-configured and that swap can be expressed in points, currency amounts, percentage-based modes or reopening modes. The platform also exposes per-day swap multipliers. If you are comparing MT5 brokers, verify that the same symbol, account type and server are being compared because screenshots or rate tables from another broker or account may not apply to your own account.
Where to find swap rates in MetaTrader 4
- Open Market Watch and select the instrument.
- Open the symbol’s Contract Specification or Properties. If you are comparing MT4 brokers, check the exact server and account specification rather than assuming every MT4 setup uses the same swap fields or values.
- Review Swap type, Swap long and Swap short.
- Check the broker-defined 3-days swap field where it is shown.
- Use the broker’s financing schedule for the exact rollover time and any holiday adjustments.
| Field / workflow | MT4 | MT5 | What can vary |
|---|---|---|---|
| Specification area | Contract Specification / Properties | Specification from Market Watch | Menu wording and platform version |
| Long / short values | Swap long / Swap short | Swap long / Swap short | Value, sign and unit |
| Calculation mode | Broker/platform-supported swap type | Broader documented swap-mode set | Exact supported mode by symbol |
| 3-day treatment | 3-days swap field where shown | Daily multipliers / rollover setting | Configured day and multiplier |
How forex swap fees are calculated
There is no safe one-size-fits-all formula until you know the symbol’s Swap type. The calculation may use points, a currency amount, a percentage or another supported mode. Start with the platform specification, then apply the relevant position size and daily multiplier. A swap calculator can help structure the estimate, but the symbol specification still controls the applicable mode and inputs. If the result is not already in the account’s deposit currency, the broker or platform may need to convert it.
| Swap mode example | Unit | Extra inputs that may be needed | Main caution |
|---|---|---|---|
| Points | Price points | Contract size, point value, account-currency conversion | Do not treat the displayed number as cash. |
| Deposit currency | Money in account/deposit currency | Position size and daily multiplier | Simpler arithmetic, but the value can still change. |
| Base / margin / profit currency | Money in another relevant currency | Conversion into account currency | Conversion method/rate may vary. |
| Interest-based | Annual percentage | Current/open price, day-count convention, size | Do not reuse a currency-mode formula. |
Worked example: deposit-currency swap mode
The figures below are hypothetical and are included only to show the arithmetic when the swap mode is already expressed in deposit currency. Assume: Swap long = -4.20, Swap short = +1.10, position size = 1.0 lot, normal daily multiplier = 1, and the configured 3-day multiplier = 3.
| Scenario | Calculation | Illustrative result |
|---|---|---|
| Long, normal rollover | -4.20 × 1.0 × 1 | -4.20 in deposit currency |
| Short, normal rollover | +1.10 × 1.0 × 1 | +1.10 in deposit currency |
| Long, 3-day multiplier | -4.20 × 1.0 × 3 | -12.60 in deposit currency |
| Short, 3-day multiplier | +1.10 × 1.0 × 3 | +3.30 in deposit currency |
| Long, 0.5 lot normal | -4.20 × 0.5 × 1 | -2.10 in deposit currency |
If the symbol uses points, interest or another calculation mode, the conversion and formula are different. Broker-set values, multipliers and schedules can also change, so the current symbol specification controls.
Forex rollover time: when is swap applied?
There is no single retail-broker “forex rollover time”. Each broker applies financing according to its server and trading-day schedule. Daylight-saving changes, instrument sessions and holiday calendars can alter the practical cutoff. Use the broker’s current trading-hours or financing documentation for the exact account and symbol rather than relying on a fixed global clock.
Triple swap: why three days can be charged at once
A symbol can use a 3x daily swap multiplier to account for non-trading or settlement days. Wednesday is common for many spot-FX setups, but it is not universal. The MQL5 symbol-properties reference documents symbol-specific swap modes and rollover settings, while MetaTrader 5 exposes the per-day multipliers at symbol level. The configured specification is therefore more reliable than a hard-coded weekday rule.
| Illustrative weekday | Possible multiplier | How to interpret |
|---|---|---|
| Monday | 1x | One normal daily swap, if configured that way |
| Tuesday | 1x | One normal daily swap, if configured that way |
| Wednesday | 3x in a common setup | Common, not universal |
| Thursday | 1x | One normal daily swap, if configured that way |
| Friday | 1x | Can differ around holidays or broker schedule |
Swap vs commission and spread
| Cost | What it is | When it is typically incurred |
|---|---|---|
| Spread | Difference between bid and ask. | At entry/exit through the quoted price. |
| Commission | Separate transaction charge where applicable. | On opening, closing or both, depending on the schedule. |
| Swap / rollover | Overnight financing debit or credit. | When a position crosses the broker-defined rollover point. |
A position can incur all three. For a short holding period, spread and commission may dominate. For multi-day positions, swap or financing can become a material additional cost. Slippage and other account charges can further change realised cost.
Can forex swap be positive?
Yes. A broker’s long or short swap can be positive and produce an account credit. That value can change as interest rates, market conditions and broker pricing change. Positive swap is not guaranteed income and does not remove exchange-rate, leverage risk, gap, liquidity or execution risk.
Swap-free / Islamic accounts and the “is swap fee haram?” question
Many brokers offer accounts described as swap-free or Islamic, where conventional overnight swap is removed or modified. That does not necessarily mean there is no overnight-related cost: administration fees, holding-period rules, product exclusions or eligibility conditions may apply instead.
Whether a particular fee or trading arrangement meets Sharia requirements is a religious-compliance question, not a MetaTrader field definition. Removing conventional swap addresses one aspect of the contract, but it does not by itself establish that the whole arrangement is Sharia-compliant. Readers who need a personal religious determination should review the exact contract and seek guidance from a suitably qualified Islamic-finance scholar or adviser.
How to check the current swap cost before holding overnight
- Confirm the exact account, legal entity and instrument.
- Open the current symbol specification and record Swap type, Swap long and Swap short.
- Check the daily multipliers and identify any configured 3-day rollover day.
- Confirm the broker’s rollover cutoff, holiday schedule and financing terms.
- Estimate the cost or credit for the intended position size and holding period, then recheck the values if the position remains open for multiple days.
| Instrument | Account | Swap mode | Long | Short | 3-day day / multiplier | Rollover cutoff | Last checked |
|---|---|---|---|---|---|---|---|
| Your check | Record account | Record mode | Record long | Record short | Record 3-day setting | Record cutoff | Record date |
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Frequently asked questions
What does swap mean on MT5?
It is the broker-configured rollover or overnight financing value for keeping a position open across the daily cutoff. MT5 shows separate long and short values and the calculation unit in the symbol specification.
Where can I see swap on MT5?
Open the instrument’s Specification from Market Watch and review Swap type, Swap long, Swap short and the daily swap multipliers. Exact menu wording can vary by platform version.
Where can I see swap on MT4?
Open the symbol’s Contract Specification or Properties from Market Watch and review Swap type, Swap long, Swap short and the broker’s 3-day swap setting where shown.
Is forex rollover always at the same time?
No. Retail brokers use their own server or trading-day cutoffs. Daylight saving, holidays and instrument sessions can change the practical timing.
Is triple swap always charged on Wednesday?
No. Wednesday is common for many spot-FX setups, but the 3-day rollover day or multiplier is configurable by symbol and should be verified.
Can swap be positive?
Yes. A broker’s long or short swap can be positive, creating a credit. The value can change and does not remove market or leverage risk.
Is swap the same as commission in forex?
No. Commission is a transaction charge, while swap is an overnight financing or rollover amount. A trade can incur spread, commission and swap separately.
Are swap fees haram?
That is a religious-compliance question rather than a platform definition. The correct assessment depends on the actual contract and may require qualified Islamic-finance guidance.
Do swap-free accounts have no overnight costs?
Not necessarily. Some use administration fees, holding-period limits or product exclusions. Check the current account terms rather than assuming swap-free means zero carrying cost.
