Max. Drawdown (Trade Close to Trade Close)  

Displays the greatest loss drawdown, from the previous highest equity run-up, closed trade to closed trade looking across all trades (see Note), during the specified period. If a new closed trade equity run-up high occurs we reset the low equity value to 0, looking for the next maximum drawdown from that point.

 Takes into account commissions (and slippage, if specified for strategies).