If I set the trailing stop loss as 5% based on Last. Is the stop price updated every time Last is published? e.g. If the current Last is $100, then current stop price is $95; when the next Last comes, say $101, and then the next stop price is $95.95 (101 * .95). Is this correct?
For a sell order, if the most recent Last is below .95 of the previous Last, order executes. What if the latest Last falls just 2% of previous Last and the stock keeps falling and Last declines 2% per Last, would the order execute?