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There is no setting for 50 yards. The minimum distance of 300 paces is the bottom fixed notch on the "ladder" in up position.
 

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M95 at 50 yd.

With the ladder up, and the slider up--revealing the sighting notch at the base of the ladder, my M95 Steyr carbine shoots point-of-aim at 50yd. using the 1938 Austrian Nazi marked milsurp. ammo. Your mileage may vary with front sight height, ammo used, etc.
 
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