If you are using a 45 degree tool there's no need to set the tool post and you can just cut it by feeding the cross slide. If you are physically going to cut a chamfer with the compact slide, then you should set your tool post to 45 degrees.
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the types of tool post on lathes can be classified as single screw tool post four bolt tool post open side tool post four way tool post
tool post is used to handle the tool on the lathe machine
A = Large end diameter of the taper B = Small end diameter of the taper L = Direct distance between A and B Formula: A \ B \ L \ 2 then Invert Tangent = The degrees you set your tool post at.
An American style tool post is a square tool post designed for a center lathe. It can be rotated, is square and dove-tailed on all four sides. The dove tails allow tool holders with cutting tools clamped in it to be inserted and locked in place. This style of tool post decreases production time due to its ease of function and preset tool center heights.
It is the angle between face of the tool and a plane perpendicular to the side of the shank.It varies from 5 to 15 degrees.