The max for live plug-in Pitch Drop is probably my new favorite of the things I got with buying Ableton. Max for Live is a separate program from Ableton and allows you to make your own instruments and plug-ins for Live. You can also download plug-ins made with Max for Live by other people; Pitch Drop just happened to be one of them.
Pitch Drop pretty much works like the tape stop effect on Glitch (which is kind of expensive). It just drops the pitch a certain note value (ex 8th, 16th, etc) which is super effective in transition between different parts of songs. You can add it to any MIDI or audio track. The sharp and soft are for how hard you want the track to stop and drop.
This is why I say to buy Ableton Live. You get Max for Live free and can use it get the free extra plug-ins that are possible to use because of having it. The convolution reverb (which is also free) is also a great plug-in to check out, but that’s a different story.