Profit-chasing stop loss

A stop loss that only advances each time the profit is higher than it has been previously, as opposed to a TSL which moves when the price goes moves away (even if profits have been reduced). If profit reduces, the stop loss does not progress again until the previous profit margin is exceeded.

Currently TSLs can erode profit if the price fluctuates back and forth in an indecisive market, meaning your trade closes with little profit (or loss).

If a stop loss could behave like cans on a string behind a wedding car, they would only move forward as the profit increases. If the car reverses a little, then drives forward again, the cans do not move until the car drives past where it started reversing. Similarly the stop loss should only advance each time the profit is higher than it had been previously.