1. A computer program product for tracing execution of application code, the computer program product comprising: a computer readable storage hardware having computer readable program code embodied therewith, the computer readable program code configured to: execute the application code comprising a plurality of trace statements encoded within: in response to executing a current trace statement within the application code, write the current trace statement to a circular trace buffer and determine whether a pre-defined trigger event has occurred; and in response to determining that the trigger event has occurred, output the current trace statement from the circular trace buffer, output from the circular trace buffer a number of trace statements before the trigger event according to a pre-defined before-trigger-event parameter, and output from the circular trace buffer a number of trace statements after the trigger event until a trigger end event has occurred according to a pre-defined after-trigger-event parameter, wherein the trigger end event comprises a trace end event, wherein the trace end event is defined by parameters comprising a name of a variable in the application code to be used as the trace end event, a value for the variable, and an operator defining a relationship between the variable and the value for the variable, wherein the computer readable program code configured to output from the circular trace buffer the number of trace statements after the trigger event until the trigger end event has occurred according to the pre-defined after-trigger-event parameter is further configured to: determine whether the variable in the application code satisfies the operator and the value; and in response to determining that the variable in the application code satisfies the operator and the value, terminate the outputting of the trace statements from the circular buffer.