Haha the nitrate in my pond also red red. 40-60ppm by the looks of it. Now looking for means to make good this for the next pond. With 70+ tons, water change cannot be done efficiently.
I heard from koiphen folk that biocenosis basket properly applied can bring nitrates down to 10-20ppm easily.
Here is the site to read up on if you are interested.
http://www.mankysanke.co.uk/html/anoxic_filtration.html
I am planning to set up a trial soon to see if there is measurable effect.
1 basket in a rectangular bin into which I was pass through a small amount of pond water. If there is a significant delta in nitrate levels when comparing ingress and egress water, I will know the basket is working. In another basket, I will try 2-3 cermedia 8x8x4 cubes.
The trial might need a few months tho. The type of bacteria in biocenosis baskets take a long time to mature. I think it will cost about S$50-$60 a basket based on the price of the type of cat litter I need to buy to make it.