Traili_percent in trailing stop orders

I’m trying to gain a better understanding of the trail_percent param in the a trailing_stop order. The examples provided aren’t varied enough to really grok what it means.

As defined here Understand Orders - Documentation | Alpaca. Setting trail_percent as 1.0 is treated as 99% of hwm? So submitting trail_percent as 5.0 would be calculated as hwm * 0.95?