What does the SL percentage mean in Momentum investing backtest simulator

[Dhiraj Sinha-1746684972946]

in this screenshot, I have put 7% SL.

1. Is the SL taken from the purchase price of the stock or from the last rebalance date price
2. Does it mean that any stock that is part of the portfolio that goes down by 7% below the purchase price will get exited the moment it happens or will it get exited only on the next rebalance date