From the Holley product webpage & MSD instructions.
FEATURES: Program two rev limits and set a step retard for nitrous use.
STEP RETARD: A step retard will provide an adjustable amount of retard at a specific moment. This is ideal when using nitrous oxide. The amount of retard is adjustable from 0° - 15° in 1° increments. The retard is activated when the Pink wire is switched to 12 volts. Default is 10°.
May God's grace bless you in the Lord Jesus Christ.
'92 Ford Mustang GT: 385" SBF, Dart SHP 8.2 block, TFS T/W 11R 205 heads, 232°-244° duration/.623" lift/114° LSA camshaft, 12:1 C/R, TFS R-Series FTI ported intake, BBK 80mm T/B, Dominator MPFI & DIS, 36-1 crank trigger/1x cam sync, 200A 3G alternator, Optima Red battery, A/C, 100HP progressive dry direct-port NOS, Spal dual 12" fans/3-core Frostbite aluminum radiator, Pypes dual 2.5" exhaust/off-road X-pipe/shorty headers, -6AN fuel system plumbing, Walbro 255 LPH pump, S&W subframe connectors, LenTech Strip Terminator wide-ratio AOD/3000 RPM converter, B&M Hammer shifter, FPP aluminum driveshaft, FPP 3.31 gears, Cobra Trac-Lok differential, Moser 31 spline axles, '04 Cobra 4-disc brakes, '93 Cobra booster & M/C, 5-lug Bullitt wheels & 245/45R17 M/T Street Comp tires.