The book value is the value of the asset as listed on the balance sheet.
The balance sheet lists assets at the historical cost, so the value of assets may be higher or lower than market prices.
In an economic environment with rising prices, the book value of assets is lower than the market value.
For a cash account this is equal to the lesser of ELV or Previous Day ELV less the Initial Margin Requirement.
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The estimated amount of money that an asset or company could quickly be sold for, such as if it were to go out of business.
It is calculated as $$ \text = \text \text - \text.
$$ Your P&L and returns are computed based on changes in your net liquidation value.