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that's correct. depending on your rapid speeds, you may still see a dwell before the tool change occurs, but it'll still be faster than a standard tool change and the m1005.

it would be safer using an M1019. It will ignore the finish signal of the orientation while your traveling to tool change position. But it's still safe because the M6 will conduct it's own orient...

What you're looking for is PC parameter K8.6 (keep relay). Go to nc system and arrow till you see pmc. press it then arrow until you see pmcparam. press it select keeprelay and arrow to paramater...

What you need is the Ladder manual for this machine. Most manuals are specific to exact machine based on options and peripherals. But the alarms are usually pretty cut and dried, but even they vary...

Check the following NC parameters (if this is a 16i or higher). These will all apply for the 4th axis, don't change X,Y or Z.
12.7 should be a 1
1005.6 should be a 1
1005.7 should be a 1
1010...

You have an older model vertical which requires an SRAM card. Nowadays they are a bit more expensive than a standard memory card. The size you'll be looking for (to be safe) is 4MB (that's right MB...