Color correcting live signals and reference media is done in the grade controls area of the main window.
The shot library can stores shot entries in order to maintain a complete shooting history.
Presets are files that contain specific look settings that you can apply to an image. You create, store, and modify your custom looks. Looks can be only stored directly in Bins, and Bins can be grouped in Folders.
Livegrade comes with a set of typical video scope tools: Waveform, histogram, and vector scopes.
Livegrade has two False Color modes, which show areas of a certain brightness with different colors.