Default is a free approach from any angle and has very little cooldown. If they were to airdodge and they are anywhere near the floor, depending on your angle to can punish. Even not being near the floor, if you were to go left/right it goes fast, but if you use diagonals you can have a meaty hitbox on them which should catch them airdodging or put you in a position to followup. Also from what I just tested, the counter tracks the initial position of the player who initiated the your counter, regardless of where they are. So If they throw a projectile and you counter, it'll track the person where they are once you do a successful sub, regardless if it was a physical hit or not.