A trailing stop loss is a type of day trading order that lets you set a maximum value or percentage of loss you can incur on a trade. If the security/instrument price rises or falls in your favor, the stop price moves with it. If the security price rises or falls against you, the stop stays in place.

For example, you can put a trailing stop of 5% on your investment, meaning that if the stock price dropped by 5%, your stock would be sold automatically. Thus, it offers you a profit protection of not losing more than 5% of your investments. Trailing limit here is the trail distance from the last peak before fall. 

Simply press 'Next' to save first part and continue creating second part of the Strategy. 

Scrip/Instrument: You can select the symbol you want to trade from equity cash market, future from NSE or commodity futures. You can add maximum up to 10 instruments. 

Quantity states the number of equity share or future lots to be used by the strategy.

Product type: You can change order type from MIS (Intraday) to CNC/NRML (Delivery). This will change the backtest results as well.

Backtest period: It is the look back period to perform a backtest and is defined by selecting the start and stop date for the backtest. Backtest period can be modified to re-run backtest i.e. users can change the start and end date of the backtest period but the period range is limited based on the candle interval.

Graphical Representation: While creating a strategy, and selecting Entry and Exit condition and adding indicators, user can also view the conditions in graphical form on the left side of the page. It helps to visualize multiple conditions, using "AND"/"OR" to collectively form a single strategy with a single entry/exit point event.