The following preferences can be changed on the Local History page.
Option Description Default Days To Keep Files Indicates for how many days you want to maintain changes in the local history. History state older than this value will be lost. 7 days Entries Per File Indicates how many history states per file you want to maintain in the local history. If you exceed this value, you will lose older history to make room for new history. 50 entries Maximum File Size (MB) Indicates the maximum size of individual states in the history store. If a file is over this size, it will not be stored. 1 MB
Here is what the Local History preference page looks like:
