Introduction to Margin

Total asset

Field	Description
Total asset	Total market value + Cash balance
Total market value	Total market value of all positions, including stocks, options, and crypto. Total market value = Σ (current price × position quantity)
Total P&L	Total p&l of all positions. Total P&L = Σ ((current price − cost) × position quantity)
Cash balance	Cash balance = settled cash + pending cash

When a margin call causes buying power to go negative, it is shown as 0.00 by default.

Field	Description
Overnight BP	Overnight buying power = the lesser of (2× margin excess) and the greater of (2× SMA, 2× Reg-T excess) Overnight buying power is the amount available to purchase securities intended to be held overnight. After liquidating an overnight position, overnight buying power is replenished by the sale proceeds, adjusted based on the maintenance requirement of the position sold.
Intraday Margin BP	Intraday Margin BP = 4 * MME
Option BP	Option buying power = your available cash Users can only obtain option purchasing power after enabling option trading.
Crypto BP	Crypto buying power is calculated based on your available cash, pending settlements, and the margin or collateral currently reserved for other positions. Users can only gain access to crypto purchasing power after crypto trading is enabled.
IM calls met by reduction	Counts the cumulative number of times a user has resolved an IM call by closing positions. When the cumulative number of times a user has resolved an IM Call by closing positions reaches three or more, the following prompt will be displayed: "This user can only resolve IM Calls by depositing funds."
RT violation limit	Track RT limit violation count. Records the number of RT Limit overdue occurrences. When it reaches three or more, the specific deadline will be displayed.

Field	Description
Cash balance	Cash balance = settled cash + pending cash
Available cash	Available cash = cash balance − settled frozen cash − pending frozen cash − short cover collateral − initial margin for short positions − open order margin for short stocks
Withdrawable	Z1 (cumulative pending settlement as of 240501) = X1 − fee1 Z2 (cumulative pending settlement as of 240502) = X1 + X2 − fee1 − fee2 Z3 (cumulative pending settlement as of 240503) = X1 + X2 + X3 − fee1 − fee2 − fee3 − pending buy amount Withdrawable = settled cash − settled frozen cash + min(Z1, Z2, Z3, 0) − initial margin for short stock positions in the corresponding currency − open order initial margin for short stocks in the corresponding currency − initial margin for short option positions in the corresponding currency − open order initial margin for short options in the corresponding currency
Frozen cash	-
Settled cash	-

Currently, four risk status levels are supported: Normal, Caution, Warning, and Near Liquidation.

Risk status	Introduce
Normal	Margin not used
Caution	Initial margin < Margin equity
Warning	Maintenance excess < Margin equity < Initial margin
Near liquidation	Margin equity < Maintenance excess

Field	Description
MMR	Maintenance margin requirement
Maintenance excess	Maintenance excess = Net Asset Value − Margin Requirement = ∑ (Stock Market Value × Maintenance Margin Ratio) + ∑ Option Maintenance Margin
Reg T excess	REG T excess = max_buy_limit = Cash balance − Settled frozen cash + Total market value − Initial Margin for Stock Positions (including short stocks) − Initial Margin for Option Positions − Open Order Initial Margin for Stocks (including short stocks) − Open Order Initial Margin for Options − Frozen Transaction Fees
Margin equity	Margin equity (excluding options and cryptocurrencies) serve as the basis for calculating account risk control status and margin calls. Margin equity = total_cash + total_stock_market_value
Net liquidation value	Net Liquidation Value (NLV) represents the market value of all assets in the account (options included, cryptocurrencies excluded). nlv = total_cash + total_position_market_value (stocks + options)
SMA	SMA = SDO (SMA at the beginning of the period) + intraday change − initial margin for open stock orders − initial margin for open option orders − sum(settled trading fees) − option margin + option trade proceeds (option_sell + option_buy) + crypto trade proceeds (option_sell + option_buy)

Margin call	Introduce
Required maintenance call	The account is currently close only. The client may receive a required maintenance call when margin equity falls below maintenance requirement. When a client triggers the required maintenance call, the only recourse is to close the position. Funds must be deposited or the position size reduced to restore the margin.
Concentration margin call	A Concentration Margin Call is a special type of margin call in a margin account. Unlike a standard Margin Call, which is triggered when the account's overall equity falls below the maintenance margin requirement, a Concentration Margin Call is triggered when holdings are excessively concentrated in a single stock, sector, or asset class. In such cases, the broker may temporarily raise the margin requirement or reduce the borrowing ratio for the concentrated instrument as a risk control measure, resulting in insufficient margin in the account and triggering a margin call.
Reg-T call	When the Reg-T excess ≤ 0 and the SMA ≤ 0, the client may receive a Reg-T call. Liquidation to meet a Reg-T call may result in a violation. To avoid a violation, the customer must replenish funds before the due date. Ongoing violations within a 12-month period will result in the following: 3rd violation: Overnight BP restriction 4th violation: 90-day close only restriction
Intraday margin call	-

Currently, there are only four scenarios that will cause an account to trigger “Close Only” mode:

Outstanding required maintenance call
Day trades placed while the account was under an equity maintenance call
4 Reg T call violations in the past 12 months
Overdue Intraday margin call（Triggered by unresolved Intraday Margin Call after T+5.）