There are two ways to determine your profit or loss on a trade: P/L Open and P/L Day.
The term P/L stands for Profit/Loss.
If ThinkorSwim is your primary trading platform, get used to this term, as you’ll see it a lot.
P/L Open vs. P/L Day: What’s the Difference?
P/L Open and P/L Day both show your unrealized gains or losses.
The difference is how ThinkorSwim calculates your potential profit/loss.
P/L Day calculate how much you made or lost since yesterday.
P/L Open vs. P/L Day: Which Figure Is More Important?
Both figures are equally important. But it depends on who’s looking at it.
If you’re a day trader, it makes more sense to pay attention to the P/L Day column in ThinkorSwim.
This figure displays your performance in terms of profit and loss from intraday trades.
Swing traders and long-term investors typically pay greater attention to P/L Open.
They may not view the daily calculation from P/L Day as vital because they want to retain their positions for a while.