diff --git a/freqtrade/data/btanalysis.py b/freqtrade/data/btanalysis.py
index 560dd42f1..56c16f966 100644
--- a/freqtrade/data/btanalysis.py
+++ b/freqtrade/data/btanalysis.py
@@ -361,6 +361,36 @@ def create_cum_profit(df: pd.DataFrame, trades: pd.DataFrame, col_name: str,
     return df
 
 
+def _calc_drawdown_series(profit_results: pd.DataFrame, *, date_col: str, value_col: str
+                          ) -> pd.DataFrame:
+    max_drawdown_df = pd.DataFrame()
+    max_drawdown_df['cumulative'] = profit_results[value_col].cumsum()
+    max_drawdown_df['high_value'] = max_drawdown_df['cumulative'].cummax()
+    max_drawdown_df['drawdown'] = max_drawdown_df['cumulative'] - max_drawdown_df['high_value']
+    max_drawdown_df['date'] = profit_results.loc[:, date_col]
+    return max_drawdown_df
+
+
+def calculate_underwater(trades: pd.DataFrame, *, date_col: str = 'close_date',
+                         value_col: str = 'profit_ratio'
+                         ):
+    """
+    Calculate max drawdown and the corresponding close dates
+    :param trades: DataFrame containing trades (requires columns close_date and profit_ratio)
+    :param date_col: Column in DataFrame to use for dates (defaults to 'close_date')
+    :param value_col: Column in DataFrame to use for values (defaults to 'profit_ratio')
+    :return: Tuple (float, highdate, lowdate, highvalue, lowvalue) with absolute max drawdown,
+             high and low time and high and low value.
+    :raise: ValueError if trade-dataframe was found empty.
+    """
+    if len(trades) == 0:
+        raise ValueError("Trade dataframe empty.")
+    profit_results = trades.sort_values(date_col).reset_index(drop=True)
+    max_drawdown_df = _calc_drawdown_series(profit_results, date_col=date_col, value_col=value_col)
+
+    return max_drawdown_df
+
+
 def calculate_max_drawdown(trades: pd.DataFrame, *, date_col: str = 'close_date',
                            value_col: str = 'profit_ratio'
                            ) -> Tuple[float, pd.Timestamp, pd.Timestamp, float, float]:
@@ -376,10 +406,7 @@ def calculate_max_drawdown(trades: pd.DataFrame, *, date_col: str = 'close_date'
     if len(trades) == 0:
         raise ValueError("Trade dataframe empty.")
     profit_results = trades.sort_values(date_col).reset_index(drop=True)
-    max_drawdown_df = pd.DataFrame()
-    max_drawdown_df['cumulative'] = profit_results[value_col].cumsum()
-    max_drawdown_df['high_value'] = max_drawdown_df['cumulative'].cummax()
-    max_drawdown_df['drawdown'] = max_drawdown_df['cumulative'] - max_drawdown_df['high_value']
+    max_drawdown_df = _calc_drawdown_series(profit_results, date_col=date_col, value_col=value_col)
 
     idxmin = max_drawdown_df['drawdown'].idxmin()
     if idxmin == 0:
diff --git a/tests/data/test_btanalysis.py b/tests/data/test_btanalysis.py
index b06dfce0a..47f1b8849 100644
--- a/tests/data/test_btanalysis.py
+++ b/tests/data/test_btanalysis.py
@@ -11,10 +11,10 @@ from freqtrade.constants import LAST_BT_RESULT_FN
 from freqtrade.data.btanalysis import (BT_DATA_COLUMNS, BT_DATA_COLUMNS_MID, BT_DATA_COLUMNS_OLD,
                                        analyze_trade_parallelism, calculate_csum,
                                        calculate_market_change, calculate_max_drawdown,
-                                       combine_dataframes_with_mean, create_cum_profit,
-                                       extract_trades_of_period, get_latest_backtest_filename,
-                                       get_latest_hyperopt_file, load_backtest_data, load_trades,
-                                       load_trades_from_db)
+                                       calculate_underwater, combine_dataframes_with_mean,
+                                       create_cum_profit, extract_trades_of_period,
+                                       get_latest_backtest_filename, get_latest_hyperopt_file,
+                                       load_backtest_data, load_trades, load_trades_from_db)
 from freqtrade.data.history import load_data, load_pair_history
 from tests.conftest import create_mock_trades
 from tests.conftest_trades import MOCK_TRADE_COUNT
@@ -291,9 +291,16 @@ def test_calculate_max_drawdown(testdatadir):
     assert isinstance(lval, float)
     assert hdate == Timestamp('2018-01-24 14:25:00', tz='UTC')
     assert lowdate == Timestamp('2018-01-30 04:45:00', tz='UTC')
+
+    underwater = calculate_underwater(bt_data)
+    assert isinstance(underwater, DataFrame)
+
     with pytest.raises(ValueError, match='Trade dataframe empty.'):
         drawdown, hdate, lowdate, hval, lval = calculate_max_drawdown(DataFrame())
 
+    with pytest.raises(ValueError, match='Trade dataframe empty.'):
+        calculate_underwater(DataFrame())
+
 
 def test_calculate_csum(testdatadir):
     filename = testdatadir / "backtest-result_test.json"