<%>

generates the command when it is sent to the agent, but BEFORE it gets to the agent

< ? >

generates the code in the agent server, BEFORE the command is sent to Operator and BEFORE ODI variables are substituted

<$>

(available from 11.1.1.6 on): generates the code in the agent server, BEFORE the command is sent to Operator but AFTER ODI variables are substituted

<@>

generates the code in the agent server, AFTER the command appears in the Operator and AFTER ODI variables are substituted

 

each one of them has its own parse phase

ODI Substitution Tags demystified