Generally in the home workshop, you adjust the split die to cut a thread that matches the nut you want to screw on there. Start with the screw in the slot in the die so it pushes it open slightly. After one cut, try the nut, or fitting with female thread etc, for fit. If it is tight, rotate the die in the holder so the two screws are pushing it slightly inwards. How much you tighten those screws is a matter of judgment, or "try and fit". It may take several passes to get it "just so".
Very handy when making a male thread that a commercially made nut will fit on to. Many are a bit of a sloppy fit, so you can make it a bit tighter.
If we were working in industry doing aerospace contract work that was going to be stringently inspected against ISO standards etc we might use thread wires that sit in the V of the threads on either side of the bolt and then meausure across the wires with a micrometer. But absolutely no need for all that in the home workshop. "Try and fit" is all we need.
Edited By Hopper on 06/09/2018 11:04:52