A swing high is a peak with lower highs on both sides; a swing low is a trough with higher lows on both sides. A common definition uses one or more candles either side (a "fractal").
How traders use it: Swings are the anchor points for structure, stops, targets and liquidity. Many traders only count a swing once price has clearly moved away from it.
Common mistake: Treating a swing as confirmed while the candle that forms it is still open.
Related: Market structure · Liquidity (in structure trading) · Internal vs external structure
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Concepts only. Education only, not financial advice. No pattern on this site has a published win rate.