A Trailing Stop order is used to maximize and protect any profits at the same time. The trailing stop follows the price and sets stop price a certain percentage away from the highest high or lowest low, depending on the direction. If the direction of the order is buy/close short the stop price will be placed above the lowest recorded low. Once the price goes above the stop price an order will be executed. Conversely, when the direction is sell/close long the stop price will be placed below the highest recorded high. Once the price falls below the stop price an order will be executed.