[Turtle91]

This is how the User’s Guide explains it: (emphasis added)

Wrap: When enabled in Current File mode, if your search reaches the end of the file, it will automatically wrap around to the beginning of the file to continue the search (or the reverse if searching Up). When disabled, searches will stop at the end of the file (or the beginning if searching Up).

When searching in a mode that uses multiple files, when your search reaches the last file (in the order listed in the Book Browser), you will need to use the Restart button otherwise the search will stop. Wrap does not apply when searching multiple files.