A quick practice on my own since I'm back working in UE4 and Niagara. I'm quite content of the result so here it is. I'm using the ribbons in Niagara with a custom module to align the trail with the sword's orientation.
Sword Trail showcase.
Setup inside the animation. I simply added a socked them timed the effect where I wanted it.
Using the Kwang hero asset from Paragon.
Environmental setup: using post process with chromatic aberration to enhance the overall colors, using custom bloom value, custom camera angles and settings (focus length, rotation), using exponential fog to mask the surroundings.
Material instance.