I have a PUT contract for a XYZ stock with a strike price of $160. I'm speculating that the stock price of XYZ can go down in the next few weeks. I would like to set up a TrailingStop order for a $ amount of $5. I'm assuming when the stock drops by $5, move the stop limit point. Is it possible to do that for a PUT? Should that be a negative or positive value?
I'm using eTrade platform and the screen looks like below. I tried to put 2 in the Stop Value $ field and it shows the estimated proceeds is $194.3. I originally paid $402 for a contract.