A Trailing Stop is a stop-loss order that automatically adjusts itself as the market rate moves in the direction of your open position. The trailing price literally trails behind rising prices, allowing you to capture more profits while ensuring that if prices suddenly drop you are still protected by the automatic Stop-Loss order.
Important Note for MetaTrader 4 Platform: Since Trailing Stop works on the client terminal side, unlike Stop Loss and Take Profit that work on the server side, it won’t work if the client terminal is closed. If the client terminal is closed, only the Stop Loss that was placed by Trailing Stop before the terminal was closed can trigger.