The pulse for step is 5V and Mach puts out one pulse for each movement, so for instance if you need 10,000 pulses to move the motor 1 revolution Mach will put out 10,000 pulses. If you want to move 1 revolution of the motor in 1 second the 10,000 pulses would be put out in 1 second ( 10KHz), if you wanted it to do 1 revolution in 2 seconds the it would be 5KHz.
The Direction is either High or Low and is set before the pulse is output.
Have a look in the Mach manual page 40.
Hood