A trailing stop is a moving stop loss set in a trade that follows the relevant market price movement. It could be said to be an advanced Stop Loss that modifies the stop level based on the open position's trend.
When a position encounters a positive market, the trailing stop adjusts and optimizes the stop established by moving it up or down. The Trailing Stop is designed to automatically optimize possible profit while also limiting losses to a specific level.
The trailing stop of an active trade is set like it’s a normal stop loss, that is, below the entry price for buy trades and above the entry price for sell trades.
The trailing stop of a buy trade moves up as the price increases and moves down as the price decreases in a sell trade.
To set a trailing stop in MT5.
The "Trailing Stop" isn't activated when you set the "Trailing Stop" parameter.
It will only be activated if the market price advances in your favor, advancing above/below the previously specified level.
If the market moves against your position, before the trailing stop is activated, then your position will be without a trailing stop loss.