Second -- where does the loop through the Bars happen?

        /// <summary>
        /// The main calculating cycle
        /// </summary>
        public static void Calculation()
        {

It's in the "Backtester Calculator.cs" file

First one -- What is the WayPoint class for, what does it do?

FSB stores the backtest in the array static Session[] session;.
Each session is one backtested bar.
The actual activities from the backtest are stored as Way_Points in the session.
Each Way_Point contains the activity price, type, order and position (if any).
All available activities are:

public enum WayPointType
{
    None, Open, High, Low, Close, Entry, Exit, Add, Reduce, Reverse, Cancel
}

Open, High, Low, Close waypoints shows when the backtester reaches the corresponding price levels.

Entry, Exit, Add, Reduce, Reverse are the transactions.

Cancel shows when the backtester cancels orders.

...

You can see all this represented in the "Bar Explorer".

Contrary to that behaviour, the "Absolute" type of SL or TP makes them unchengiable until the position is closed. In that way, the TP and SL are set when we open a position and further adding or reducing doesn't change them.

Actually you can see the difference between both options only when the strategy adds or reduces a position. Reversing a position is equal to close and open a new one in the opposite direction, therefore FSB applyes new TP and SL levels.

"Absolute" option is not compativble with the current FST.

Permanent Protection Type:
v Absolute and Relative Permanent SL / TP

(v means done) but what is the "Relative SL / TP"? Is this similar to the "Profit Protection" concept from Nicholas K from this thread:
http://forexsb.com/forum/topic/1489/tra … ing-logic/
His idea: after a certain level of profit (one parameter), if the profit drops a certain percentage (second parameter) from the peak profit of the position, it exits. Is this similar?

Thanks

Please read the FSB Source Code License Agreement before start exploring the project.