Adjusting action with a two-point bridge

[Napthol]

Okay on my Fender Player Strat with a two-point bridge, it's got the two screws on either end. Which way does what? Clockwise lowers the action? Counter-clockwise raises it?

 

[Chris Pile]

Yes, and yes.
First, tune the guitar up to pitch.
Second, adjust the truss rod to minimal relief.
Third, adjust the saddle height to follow the radius of the fretboard.
Finally - adjust the overall height.
Go forth and shred!!!