No.  Only the extended arm limit can be set digitally using the JOG buttons and the 1st SET or 2nd SET button on the system control board. The arm must fully retract into the housing in order to RESET the counter that is inside of the operator arm.  Rotating the front of the operator arm in and/or out to fine tune your fully retracted position will cause an error.

This means that the only way to set the retracted position of the operator arm (gate is open in a pull-to-open installation and gate is closed in push-to-open installation) is by adjusting either or both the geometry of the rear mount and/or the mounting position of the front bracket on the gate itself. 

A quick checklist and troubleshooting process that you should try if you are having issues with your system is the following:

1. In a pull-to-open installation, close the gate using the remote so that the arm is fully extended to your set position.
2. Pull the front CLEVIS PIN, SPACER, and HAIRPIN from the Front mount of the operator so it comes loose from the gate.
3. Swing the arm away from the gate.
4. Hold the front of the gate operator so that it does not spin, and use your remote transmitter button to trigger the operator to move to the fully retracted position.
5. Swing your gate to the fully open position and reattach the CLEVIS PIN, SPACER, and HAIRPIN.  This pin should drop right into place without any effort at all.  If you cannot drop this CLEVIS PIN right back into the front mount on the gate, then you must mechanically adjust something on your installation. Most people start by adjusting the front mounting point on the gate itself.
6. If you cannot adjust the front mount, the you can try adjusting the rear mount.  Note that you typically must readjust the front mount after moving the rear and you still must maintain at least 4 inches of clearance between the rear of the housing and the fully open gate.

IMPORTANT NOTE-You CANNOT spin the front of the operator arm out or in to make your installation work because this is changing the fully retracted limit that you established in STEP #4 above.