In order for the bleach finder to perform well the threshold settings must be set properly. The bleach finder thresholds are set in 'Settings->Bleach-finder settings'.
The bleach finder settings are best explained by how the algorithm works:
The algorithms start at the end of the trace and move towards the start, one frame at a time. When an intensity above the chosen threshold level is encounted more than x consecutive frames this is defined as a bleaching event.
The optimal intensity threshold levels depend on your setup. For the detection of donor bleaching it is the sum of D and A intensities (on D excitation) that is used. For detection of acceptor bleaching it is the direct acceptor reference trace (AA) that is used in ALEX and the AD trace that is used in single-color mode. The traces are initially smoothed using a median filter.