Hello there @DM1773787F !
Thanks for your question! Let me reply to your query:
With Offset Pips you basically select to open trades at a different rate than the the rate of your Trader. The trades are placed as pending orders in your account with an offset entry rate.
The possible values in the Offset Pips setting can be either negative, or positive.
And remember that you will need a minimum of 5 pips difference (or more), to avoid your trades from being rejected.
Now, with Pip Spacing you can limit the amount of trades opened in your account by a Trader on a given currency pair and on the nearly-the-same price only by specifying your entry rate range value in pips! All incoming market or pending orders of the same currency pair and irrespective to their direction (buy or sell) from the Trader that will be less than the specified range value (X pips) away above or below (+X /-X) from an already opened market position of the Trader, will be rejected.
And yes, you may enable both features at the same time!