Margin Level - It is determined as the percentage ratio between Equity and Used margin. Typically, Margin level is expressed in the form of a percentage. This level determines if the trader is eligible to take new positions in the market. Margin level is always a comparative factor and it is predetermined by the brokers/exchanges. Hence, different exchanges have different margin levels.
To put it in simple terms, if the margin level is higher, the possibility for you to take new positions is more. Contrarily, the lesser is your margin level, lower are the possibilities for you to take new positions. It is crucial to know what your margin level is when you are trading because it has a direct relation with the Margin call and Stop out level.
Margin Call - Margin Call is nothing but a notification or a call given by the exchange once you reach the Margin Call Level. Consider Margin Call Level as a specific level set by the exchange. Essentially, when your account’s Margin Level goes under the Margin Call Level, you will receive a call from the exchange indicating the same.
Margin Call is an indication from the exchange warning you that your positions are at risk. At this point, the exchange is alerting you that some or all of your trades can be forced to close. So it is crucial to make sure that your margin level never goes below the Margin Call Level set by the exchange.