Automatic Deleting log file
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If manual delete option is selected then user needs to delete files manually. means log files keep accumulating upto max files numbers reached. max files created can be defined in general tab. max 400 files can be created.
Click on help button from the parameter tab you are sharing in image, you will arrive at operation log @ left hand column under content tab, expand it and click on print tab. you can find these details under delete log file.
comment back if something you want to clarify further