Use Three Finger Drag on a Mac Trackpad and Check Where the Item Lands
Three Finger Drag offers another way to move items on a Mac trackpad: you drag with three fingers instead of maintaining a physical click. Apple documents this option for trackpads that support Force Touch, so check the hardware before searching indefinitely for a missing setting.
Use a working trackpad for this setup. If its surface is raised, damaged or unusually stiff, changing a gesture does not explain that physical change; have the condition assessed separately.
Choose the dragging style
Open System Settings, Accessibility, Pointer Control, then Trackpad Options. Turn on Use trackpad for dragging and select Three Finger Drag. Confirm with OK. Older macOS versions may label these controls System Preferences, Mouse & Trackpad and Enable dragging.
Record the previous dragging style before changing it. This makes it easy to restore your familiar behaviour if the gesture does not suit the work you do.
Practise the release as well as the movement
Start by moving an ordinary window using its title bar, keeping clear of its close button. Use three fingers to drag, then lift them. Apple specifies that lifting the fingers stops this dragging style.
Next practise with a disposable file inside a test folder. Choose a visible destination and check where the item actually lands. Do not begin with a unique document, the Trash or an unfamiliar shared folder.
If the item stops earlier than intended, repeat the harmless test slowly and observe when your fingers leave the surface. Change one setting at a time so you can tell which behaviour belongs to the selected dragging style.
Finally try the movement needed in your actual app using a copy of the work. Keep the setting only if you can reliably pick up, move and release the intended item. A gesture that feels convenient should still produce a predictable destination.
References: Apple: enabling three finger drag, Apple: Pointer Control options.