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Loopy Pro: Setting Loop Lengths
While you can set a pre-determined length for an individual clip in its settings, it is more typical to use the Master Length setting and the Count In/Count Out settings. These can be set globally for all clips or made local to a color or individual clip.
The explanatory text in the settings dialog documents the settings.
Changing the master (cycle) length is handled in the tempo/clock popup as shown below.
Key Settings: Auto Count Out: when this is on, recording automatically ends after one cycle (as set by the master length) if Count Out is set to Master.