A sell trailing stop order sets the stop price at a fixed amount below the market price with an attached "trailing" amount. As the market price rises, the stop price rises by the trail amount, but if the stock price falls, the stop loss price doesn't change, and a market order is submitted when the stop price is hit.

A special type of trade order where the stop-loss price is not set at a single but instead is set at a certain percentage or a certain dollar amount below the market price.

A trailing stop is a type of stop loss order that combines elements of both risk management and trade management.