Many MIDI effects include preprogrammed settings to help you get started with the effect. When you first use a particular effect, you should check for presets to learn more about how the effect works.
We've already discussed how to save presets for VST instruments, and we'll discuss the use of presets with audio plug-ins later. But MIDI effect presets work a bit differently than either of these. The biggest difference is that a MIDI effect preset is saved within the plug-in, not as a discrete file on your hard disk.