I've built application which create Trace file with code

TraceOpen( ls_trace_path, Clock! )
TraceEnableActivity(ActProfile!)
TraceBegin ( "app" )

When this code runs in PowerBuilder enviroment with checked "Enabled Tracing" in "System Option" then created .pbp correctly opening.

But .pbp file created by build application started with .exe separately from PowerBuilder enviroment won't open with error

Files .pbl, .pdb and .exe are placed in same path where creating file .pbp as described in documentation.