Definition
Margin level is an account-health ratio comparing eligible equity with used or required margin, commonly displayed as a percentage for risk monitoring.
In market context
A typical calculation divides account equity by used margin and multiplies by one hundred, but platform definitions and thresholds can differ. The ratio falls when unrealized losses reduce equity or additional positions consume margin. Warning, order-restriction, and liquidation levels should be read from the applicable product terms rather than inferred from another broker’s formula under the current platform’s specific rules.
Risk context
A margin level can cross several thresholds during a single fast move, leaving no practical opportunity to react between them.
Source
Use the primary source for fuller regulatory or market context.