Adverse Excursion Definition
An Adverse Excursion is the amount that a trade goes in the wrong direction after entry and before exit. The Maximum Adverse Excursion (MAE) is the worst over the life of the trade.
For example, say a stock is bought at $30, then drops to $28 before rising to $38 then settling back to an exit at $35. The drop to $28 is the adverse excursion. The Maximum Adverse Excursion (MAE) is then $2.
For more information see Maximum Adverse Excursion: Analyzing Price Fluctuations for Trading Management 
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