As the name suggests, the Swing Level Forex indicator for Metatrader 4 finds and displays the best swing high & low levels on the chart.
Swing levels can act as support and resistance.
The indicator pops up in the main MT4 chart window in the form of colored blue and red lines that connect the swing highs and lows.
Buy & Sell Trade Example
- A buy trade should be opened as soon as the price breaks and closes above the prior swing high level.
- A sell trade should be opened as soon as the price breaks and closes below the prior swing low level.
The Swing Level Forex indicator can be used for trade entry and as support & resistance.
The indicator works equally well on all currency pairs (majors, minors and exotic) and shows promising results if used correctly.
Free Download
Download the “Level_Trading.mq4” indicator for MT4
Indicator Chart (EUR/USD H1)
The example chart below displays the Swing Level Forex trading mt4 indicator in action on the trading chart.
Trading Tips:
Feel free to use your own favorite trade entry, stop loss and take profit method to trade with the Swing Level Forex indicator.
As always, trade in agreement with the overall trend and practice on a demo account first until you fully understand this indicator.
Please note that even the best trading indicator cannot yield a 100% win rate over long periods.
Indicator Specifications & Inputs:
Trading Platform: Developed for Metatrader 4 (MT4)
Currency pairs: Works for any pair
Time frames: Works for any time frame
Trade Style: Works for scalping, day trading and swing trading
Input Parameters: Variable (inputs tab), color settings & style
Indicator type: Swing
Does the indicator repaint? No.
Swing Level + Super Trend Oscillator Swing Trading Strategy for MT4
The combination of the Swing Level Forex Indicator and the Super Trend Forex Oscillator Indicator forms a powerful MT4 swing trading strategy designed to catch large market moves with clear confirmation.
This setup helps traders identify potential breakout points while ensuring that trades are placed in the direction of the prevailing market trend.
The Swing Level indicator defines the key swing highs and lows on the chart.
When the price breaks above a previous swing high, it signals a continuation of a bullish phase.
Conversely, a close below a prior swing low indicates that sellers are taking control.
The Super Trend Oscillator then confirms the direction of the dominant market momentum with its color-coded histogram — blue for bullish and red for bearish conditions.
This method works best on the H1 and H4 timeframes and suits swing traders who prefer holding trades for several hours or days.
It can be effectively used on currency pairs such as USD/JPY, EUR/CHF, and GBP/CAD, where swing structures are more pronounced.
Buy Entry Rules
- Wait until the price breaks and closes above the previous swing high on the Swing Level indicator.
- Confirm that the Super Trend Oscillator is showing blue histogram bars, signaling bullish momentum.
- Open a buy position at the next candle open after confirmation.
- Place a stop loss just below the last swing low or 35 pips below the entry point, whichever is lower.
- Set take profit at 70–100 pips or at the next resistance level.
Sell Entry Rules
- Wait until the price breaks and closes below the previous swing low on the Swing Level indicator.
- Confirm that the Super Trend Oscillator is displaying red histogram bars, showing bearish momentum.
- Enter a sell trade at the next candle open.
- Set a stop loss just above the most recent swing high or 35 pips above entry, whichever is higher.
- Take profit when the price reaches the next support area or after gaining 70–100 pips.
Advantages
- Combines breakout logic with trend confirmation for higher accuracy.
- Eliminates false entries caused by short-term retracements.
- Well-suited for medium-term swing traders.
- Works effectively on most trending currency pairs.
- Clear visual signals make decision-making easier.
Drawbacks
- It may produce fewer trades in sideways markets.
- Breakouts can sometimes fail during low-volatility sessions.
- Requires patience to wait for the candle closes beyond swing levels.
- Stop losses can be hit in choppy price environments.
Case Study 1 – USD/JPY H4 Chart
On the H4 chart of USD/JPY, the price broke above a key swing high at 153.20, confirming renewed bullish momentum.
The Super Trend Oscillator turned blue simultaneously, providing a clear buy signal.
A long entry was taken at 153.25 with a stop loss at 152.75 and a take profit target of 154.25.
Over the next two trading sessions, the pair climbed steadily to reach the target for a 100-pip gain as trend strength increased.
Case Study 2 – GBP/CAD H1 Chart
On the GBP/CAD pair, a breakdown below a previous swing low at 1.7450 coincided with red histogram bars on the Super Trend Oscillator.
A sell trade was opened at 1.7445 with a stop loss at 1.7490 and a take profit at 1.7350.
The market continued to slide throughout the London and New York sessions, achieving a 95-pip profit before showing early signs of reversal.
Strategy Tips
- Always confirm swing breakouts with the Super Trend Oscillator to filter out false moves.
- Use higher time frames (H4 or D1) for stronger swing trends and better accuracy.
- Monitor upcoming economic news to avoid entering just before major data releases.
- Trailing stops can help lock in profits during extended swings.
- Stick to one or two pairs to master their behavior and swing rhythm.
This MT4 swing trading strategy provides a structured and practical approach to catching high-probability market swings.
By aligning breakout signals from the Swing Level Indicator with the trend confirmation from the Super Trend Oscillator, traders can identify momentum-driven entries and stay on the right side of the market.
