Measure the whole position
Two ounces at USD 3,000 per ounce create USD 6,000 of notional exposure. The example uses a simplified fixed leverage ratio of 20:1.
Calculate the initial collateral
USD 6,000 ÷ 20 gives USD 300 initial margin. Exchange and broker requirements can change; actual margin systems may use different calculations.
Stress the price, not the deposit
An adverse USD 50 per ounce move loses USD 100 on two ounces before costs. That is 33.33% of the example’s initial margin, not necessarily 33.33% of account equity.
Keep liquidation separate
This tool does not predict a margin call or liquidation price. Those depend on equity, maintenance requirements, other positions and broker rules. Losses can exceed posted margin.
Sources & further reading
Sources checked 13 November 2026. These organisations provide reference material and do not endorse this website.
