The Trailing Stop Loss, TSL, is a feature that is designed to help you follow the uptrend.
You set Stop Loss and activate the trailing feature. Then the system adjusts your Stop Loss price every time the price touches a new high. Your SL follows the price and stay below the latest high on specified percent. The drawback that your trade could stop out too early if the price is too volatile or you have very tight SL for that particular case.
The key is to find SL percentage for each trade individually, as there are no universal settings. When using TSL, its percent means that the SL triggers as soon as the price drops that % from the latest high.
Enable it by one click
Check the box on the bottom of "Set Stop Loss" part to enable it. There are no settings available for TSL.
That's all. When the trade goes in active mode, the system remembers the current coin price. Then it compares that price with the current market rate all the time. Every time the current price is higher than the remembered one, the system moves SL up. It uses the difference between these prices to determine how far it should move the SL. After the move done, the system updates the remembered price and start comparing it again. That process active until the trade closes by any condition, be it SL, TP or market close.
Taking the TSL from the image above and assuming that the initial price of the trade is $200, here are some situations that may help understand the feature better.
The price goes down to $195, nothing changes.
The price move up to $205, TSL adjusts by $205 - $200 = $5, to $185.
The price goes down to $203, nothing happens.
The price move up to $225, TSL adjusts by $225 - $205 = $20, to $205.
The process continues until trade closes.
Check this GIF for a better understanding.