For a short trade, a buy trailing stop order would be placed below the trade entry. The trailing stop price moves down by a trailing percentage. A new trailing stop price will be formed when the price moves down. When the price moves up, the trailing stop stops moving.
How does OCO work on Binance?
An OCO, or “One Cancels the Other” order allows you to place two orders at the same time. It combines a limit order, with a stop-limit order, but only one of the two can be executed. In other words, as soon as one of the orders get partially or fully filled, the remaining one will be canceled automatically.