Definition of 'Drawdown'
In day trading futures the drawdown on a trade is the equivalent of the greatest loss the trade suffered during the period it was open. For example, if you open a trade at a price of 1000 and in the next 45 minutes while you have the trade open it trades as high as 1020 and as low as 975 then the drawdown would be 25.
Don't confuse drawdown with maximum adverse excursion (MAE) which is the maximum drawdown suffered by all trades in a series of trades (for example when back testing a strategy).
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