A trailing stop market order executes a market order once the trailing stop price is met. This type of order enables a trade to remain open as long as the price is moving in the trader’s favor.
For example: The last price of ETH is PHP 100,000. If you create a trailing stop sell order with peg price based on last price and trailing amount of PHP 10,000, your order gets executed as a market order when the last price of ETH reaches PHP 90,000. However, if the last price reaches PHP 115,000, then the trailing stop price also moves up to PHP 105,000. If the market changes direction and hits PHP 105,000, your order will automatically become a market order.