The documentation for the sequencer loop says:

<quote>
LOOP [name ,] n ... ENDLOOP	To execute a loop n times. For infinite loops, "infinite" 
can be specified as n. Optionally, the loop variable running from 0...(n-1) can be accessed 
inside the loop via $name.
</quote>

In fact the loop variable runs from 1...n, as can be seen by running this exciting 
sequencer code:

1 COMMENT "Figuring out MSL"
2 
3 LOOP n,4
4   MESSAGE $n,1
5 ENDLOOP