Swap, or rollover fee, is a charge applied when you keep a trading position open overnight. In forex, a swap is the interest rate differential between the two currencies in a pair, and it’s calculated based on whether your position is long (buy) or short (sell).
Swap Calculation Formula:
To calculate your daily overnight interest (swap), use the following formula:
Number of nights × Swap rate (buy or sell) × Number of lots × Point value
Point value = Contract size × Number of decimal places in the symbol.
The swap rate can be positive or negative depending on the interest rate differential.
Triple Swap Days:
On either Wednesday or Friday at 23:59 server time (depending on the instrument), a triple swap is charged to account for the weekend when markets are closed.
This occurs because most instruments have a two-business-day settlement cycle. For example:
A trade opened on Monday settles on Wednesday.
A trade opened on Wednesday settles on Friday.
A trade opened on Thursday settles on the following Monday.
Therefore, if you keep a position open at rollover time on Wednesday, you will be charged for three days to account for the weekend.
Important Notes:
Swap rates differ by symbol and can be found in your trading platform.
Some account types, such as Islamic (Swap-Free) accounts, are exempt from swap charges.
It’s important to be aware of swap conditions as they can affect your long-term holding costs.
Let me know if you’d like help calculating a real example or finding the swap rate for a specific symbol.
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