When calculating the balance, only closed positions are taken into account.

When calculating equity, open positions are also taken into account.

In this way,

Equity = balance + profit (or – losses) on open positions

If there are no open positions on the account, the balance and equity will be equal.

If there are open positions on the account, the balance will remain unchanged, and the equity will constantly change, depending on how the trading result for open positions changes.

Free margin = equity – margin on open positions

Margin level = equity / margin on open positions * 100%