When choosing a Trailing Stop Loss, you're setting a trailing gap value. This value represents the distance, either in percentage or absolute terms, that the stop loss will 'trail' behind the market price. The brilliance of this mechanism is its capability to dynamically adjust the stop loss as the market moves in your favour.
For example, if a user places a sell stop-loss leg with an initial LTP of 100, a stop-loss at 95, and a trailing gap of 1:
The triggering mechanism aligns with traditional non-Trailing Stop-loss GTT orders. If the target leg is triggered, the Trailing Stop-loss leg is automatically cancelled.