If the Arguments option is not specified, the program will be initialized with the command-line arguments specified when CodeWatch was invoked. If the Arguments option is specified, the given arguments will be used as command-line arguments to the reinitialized program. If more than one argument is specified, they must be separated by a space. These command-line arguments will be in effect until the next time the program reloads.
If you want to permanently change the command-line arguments of the program being debugged, that is, for the remainder of the debugging session, this is possible using the /NEWARG command-line option. This specifies that the given command-line arguments be used for the remainder of the debugging session. These may be reset by again using the /ARGUMENTS or /NEWARG command-line options.