diff --git a/apps/backtester/run.py b/apps/backtester/run.py
index 9ea98b8..762bf27 100644
--- a/apps/backtester/run.py
+++ b/apps/backtester/run.py
@@ -234,8 +234,11 @@ class BacktestRunner:
         self._open_positions = still_open
 
         # --- Compute current equity for kill-switch check ---
-        unrealized = self._compute_unrealized_pnl(date)
-        self._equity = self._cash + unrealized
+        market_value = self._compute_positions_market_value(date)
+        unrealized = market_value - sum(
+            p.entry_price * p.shares_open for p in self._open_positions
+        )
+        self._equity = self._cash + market_value
         self._peak_equity = max(self._peak_equity, self._equity)
         drawdown_pct = (
             (self._peak_equity - self._equity) / self._peak_equity * 100.0
@@ -281,14 +284,23 @@ class BacktestRunner:
                     self._open_positions.append(pos)
                     self._cash -= pos.entry_price * pos.shares_total
                     self._daily_new_risk_used += plan.risk_dollars
-                    # Update portfolio state for next candidate in same day
+                    # Update equity and portfolio state for next candidate
+                    mv = self._compute_positions_market_value(date)
+                    self._equity = self._cash + mv
+                    ur = mv - sum(
+                        p.entry_price * p.shares_open
+                        for p in self._open_positions
+                    )
                     portfolio_state = self._build_portfolio_state(
-                        date, drawdown_pct, self._compute_unrealized_pnl(date)
+                        date, drawdown_pct, ur
                     )
 
         # --- Record daily equity curve snapshot ---
-        unrealized_final = self._compute_unrealized_pnl(date)
-        self._equity = self._cash + unrealized_final
+        market_value_final = self._compute_positions_market_value(date)
+        unrealized_final = market_value_final - sum(
+            p.entry_price * p.shares_open for p in self._open_positions
+        )
+        self._equity = self._cash + market_value_final
         self._peak_equity = max(self._peak_equity, self._equity)
         final_drawdown = (
             (self._peak_equity - self._equity) / self._peak_equity * 100.0
@@ -316,14 +328,27 @@ class BacktestRunner:
             )
         )
 
-    def _compute_unrealized_pnl(self, date: dt.date) -> float:
+    def _compute_positions_market_value(self, date: dt.date) -> float:
+        """Market value of all open positions using today's close.
+
+        Falls back to entry_price when bar is missing (assumes no change
+        rather than treating the position as worthless).
+        """
         total = 0.0
         for pos in self._open_positions:
             bar = self.store.get_bar(pos.plan.candidate.symbol, date)
             if bar and bar.get("close"):
-                total += (float(bar["close"]) - pos.entry_price) * pos.shares_open
+                total += float(bar["close"]) * pos.shares_open
+            else:
+                total += pos.entry_price * pos.shares_open
         return total
 
+    def _compute_unrealized_pnl(self, date: dt.date) -> float:
+        """Unrealized PnL = market_value − cost_basis."""
+        market_value = self._compute_positions_market_value(date)
+        cost_basis = sum(p.entry_price * p.shares_open for p in self._open_positions)
+        return market_value - cost_basis
+
     def _build_portfolio_state(
         self,
         date: dt.date,