The trailing stop on the ladder - waiting, then running

Trail on, waiting

Switch Trailing TP/SL on, and the ladder shows the trail in whichever of its two states it is in. First: waiting. Until the trade reaches Trail after, nothing is trailing.

The TRAIL AFTER rail

The threshold is drawn as a dashed TRAIL AFTER rail, between the peak so far and the take profit. Here the trade is six point seven percent ahead, and Trail after is eight percent, so the rail sits at four fifty-one, and the TRAIL row says it is five cents away. Until price touches it, the static stop loss is still the exit, and it is still drawn.

Trail running

Once the threshold is passed, the TRAIL AFTER rail is gone, and a cyan stop loss, trailed, takes its place, following the peak at your trail width, here two percent. The TRAIL row says ARMED, and which rule is in charge.

Above the entry

Here the trailed stop sits at four thirty-seven, above the entry, so if it fills there, the trade closes for a gain, rather than a loss, before costs. And because it is now more protective than the stop you set from the entry, the original stop is marked UNREACHABLE, and no longer drawn: the trail would always get there first.

Which rule runs it

Trail width is the classic: a set distance behind the best price. A step lock replaces it, moving the stop one step at a time. Use one or the other, not both. The TRAIL row names whichever rule is in charge.

No arithmetic

So you never have to work out where the trail arms, or where it sits: the ladder draws it, and prices it, on every tick. The trailing rules themselves are in the exits videos.