Trailing stop order type is usually used for closing a position. But is there also a trailing order type for opening a position? And: is such a trailing stop order type a native one, or does it get simulated by permanently cancelling and redoing the order with slightly changed params, depending on the peak Last since start of the order etc.? Is it a native exchange order, or just a broker order (ie. sitting at the broker and controlled/simulated by the broker)?
I believe our trailing stop orders (All STOP orders) are held by EDGA, a CBOE exchange. You can enter them to open or to close. You would target a starting price for a sell order a value below the bid or with a buy order, a value above the ask. I just can't think of a strategy where I would want to use that order type to open a position. In the picture below, it would create a trailing stop sell order $0.25 below the Bid (Positive value and sell order is a lower limit), to either close out a Full position or open a short positions of 1000 shares. This can then to attached to a keyboard stroke or hot button.