Definition
Equity
Account value including open positions: balance + floating P&L.
Equity is the live value of the account. Most firms' daily and trailing limits track equity, meaning an open trade's worst moment — not just its close — can breach the account.
Intraday equity peaks also drive intraday-trailing drawdowns: a spike that touches a new high can raise your floor even if the trade closes flat.
Related terms
General industry definitions — individual firms define terms differently in their own ToS; the decoded rulebook for each firm is the source of truth. Educational, not financial advice.