The support method is another popular way to set a stop loss percentage for day trading. The idea is to use the technical analysis of the market or the security to identify the most recent support level and place your stop loss just below that level. A support level is a price level where buyers tend to enter the market and prevent further price decline. The advantage of this method is that it considers the volatility and the technical factors of the market or the security. It also helps you avoid getting stopped by random price fluctuations or noise. The disadvantage of this method is that it may require more analysis and judgment to identify the support level accurately. It may also set your stop loss too far away from your entry price if the support level is too low.