What is Maintenance Margin in Forex and CFD Trading
Maintenance margin is the minimum level of 权益 (or Margin Level percentage) a trader’s account must sustain relative to Used Margin to keep existing leveraged positions open. Set by the broker, if Equity falls below this threshold, a 《大空头》 is triggered — requiring the trader to deposit funds or close positions. Monitor it via the Margin Level percentage in your platform’s Terminal window.
关键事实
- Definition: The minimum required ratio between Equity and Used Margin that prevents a Margin Call and forced position closure.
- Calculation: Margin Level = (Equity / Used Margin) × 100
- Typical Thresholds: 100% triggers a Margin Call; 50% triggers Stop Out / liquidation.
- Broker Discretion: Ranges from 20% to 100% depending on regulatory environment and account type.
- Risk Function: Safety buffer ensuring the broker can liquidate positions before floating losses exceed the Initial Margin.
- Volatility Impact: Rapid price moves can cross the Maintenance Margin threshold instantaneously, leading to immediate Stop Out.
工作原理
- Continuous Monitoring: The platform constantly calculates Margin Level (Equity ÷ Used Margin) in real-time.
- Margin Call Trigger (100%): When Margin Level hits the Maintenance Margin threshold, the trader is alerted. Equity now equals Used Margin — any further loss erodes the Initial Margin. Condition: Equity ≤ Maintenance Margin Level × Used Margin.
- Stop Out Trigger (50%): If losses continue and Margin Level reaches 50%, the platform automatically closes the most unprofitable position to reduce Used Margin.
- Position Liquidation: Positions are closed sequentially until Margin Level rises above the Stop Out threshold.
示例：真实交易场景
| Account: $10,000 balance | Margin Call: 100% | Stop Out: 50% |
|---|
| Position: 2 standard lots EUR/USD | Used Margin: $4,000 |
| Scenario 1 — Margin Call Triggered |
|---|
| Floating PnL: −$6,000 → Equity = $4,000 |
| Margin Level = 100% ⚠️ Margin Call triggered. Deposit funds or close positions. |
| Scenario 2 — Stop Out Triggered |
|---|
| Floating PnL: −$8,000 → Equity = $2,000 |
| Margin Level = 50% 🛑 Stop Out triggered. Broker automatically closes the position. |
How Maintenance Margin Affects Your Risk
Maintenance Margin vs Related Concepts
vs Initial Margin: Initial Margin is collateral required to open a trade (pre-execution). Maintenance Margin is the minimum Equity needed to keep a trade open (post-execution).
vs Margin Call: Maintenance Margin is the pre-defined percentage threshold (e.g., 100%). A Margin Call is the event/notification triggered when that threshold is reached.
整个行业中经纪商的差异
How to Verify on Your Platform (MT4/MT5)
- Log in to your MT4 or MT5 account.
- Open Terminal (Ctrl+T) to view account status.
- Locate Margin Level — the real-time health ratio of Equity vs Used Margin.
- Check broker thresholds in account terms or Contract Specifications on the broker’s website (not displayed directly in Terminal).
- Review New Order window (F9) to see margin required for new trades.
- Sanity check: A Margin Level of 150% means you are 100 percentage points above the typical 50% Stop Out threshold.
For a comprehensive understanding of all trading terms, explore 我们的外汇术语表.
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