%P causes the source path to be inserted into the command line, including a backslash (\) at the end.
%N places the filename under the cursor into the command line. 
%T inserts the current target path. Especially useful for packers.
%M places the current filename in the target directory into the command line.
%O places the current filename without extension into the command line. 
%E places the current extension (without leading period) into the command line.
%S insert the names of all selected files into the command line. Names containing spaces will be surrounded by double quotes. Please note the maximum command line length of 32767 characters.
%S10
insert the names of the first 10 selected files (max.) into the command line. Allows you to limit the number of file names passed to the program. You can use any other number.
%P%S
insert the names of all selected files into the command line, with full path. Names containing spaces will be surrounded by double quotes. Do NOT put quotes around %P%S yourself!
%R like %S, but with selected names from the target panel
%C1 Like the first parameter of "Compare by content": First selected file, or file under cursor
%C2 Like the second parameter of "Compare by content": Second selected file, or first selected in target panel, or file with same name in target panel. Note: If the right panel is active and less than 2 files are selected, %C1 and %C2 will be reversed.
%C3..%C9
Selected files Nr. 3 .. 9 in source panel, empty if not enough selected
%c1..%c9
Like %C1..%C9, but with 8.3 names and paths
Notes: %N and %M insert the long name, while %n and %m insert the DOS alias name (8.3). %P and %T insert the long path name, and %p and %t the short path name (Same for %o, %e and %s). %p/%t inserts the ftp URL of the directory for ftp connections.
By putting %P, %p, %T or %t directly in front of %S or %s, the path name is inserted with the file name for each file. Example: %P%S inserts the long path and file name for all selected files.
%% inserts the percent-sign.
%L, %l, %F, %f, %D, %d, %WL, %WF, %UL, %UF
create a list file in the TEMP directory with the names of the selected files and directories, and appends the name of the list file to the command line. The list is deleted automatically when the called program quits. Only one list per command is supported. 10 types of list files can be created:
%L Long file names including the complete path, e.g. c:\Program Files\Long name.exe
%l (lowercase L) Short file names including the complete path, e.g. C:\PROGRA~1\LONGNA~1.EXE
%F Long file names without path, e.g. Long name.exe
%f Short file names without path, e.g. LONGNA~1.EXE
%D Short file names including the complete path, but using the DOS character set for accents.
%d Short file names without path, but using the DOS character set for accents.
%UL,%UF
like %L and %F, but with UTF-8 Unicode list file (with byte order mark)
%WL,%WF
like %L and %F, but with a UTF-16 Unicode list file (with byte order mark)
%v Insert virtual file name in case of file system plugins like "virtual panel", where %N pastes the name of the real file (in the file system) to which the entry points to
%V Like %v, but including the full path (including the plugin name)
%X Interprets the following parameters after this parameter as left/right instead of source/target:
  %P, %p (left path), %T, %t (right path), %N, %n (left name), %M, %m (right name),
  %S, %s (left selected), %R, %r (right selected)
  Example: %X%P %T  sends left and right path to e.g. an external sync tool
%x Interprets the following parameters after this parameter again as source/target
  Example: %X%P %x%P sends left and source path to the called program
%Y anywhere in the parameters: Pass empty list to program when using one of the List parameters like %L. Otherwise, the file under the cursor would be passed.
%Z anywhere in the parameters: Allow to pass archives as path to programs for %P or %T when inside an archive
  Example: %Z%P passes name of archive to external tool when TC shows contents of an archive
Only when defining alias commands:
%A Inserts the rest of the entered command line
%A1..%A9
Inserts the first until the ninth parameter.
Example: Alias op points to Command: totalcmd.exe Parameter: /L=%A1 /R=%A2
-> Command line: op c:\dir1 d:\dir2 will create command: totalcmd.exe /L=c:\dir1 /R=d:\dir2