The options panel is the panel in the middle. This panel's content depends on which item is selected in the navigator tree.
Example 1: when 'Databases' is selected, you have the options to create or import a database and the option to switch to remote mode.
Example 2: when you select a database, the options panel will display options pertaining to that database, such as which values to ReQord, editing your watchlists and starting a ReQording session.
Example 3: when you are in 'Charts' mode, selecting an item which holds data will adjust the options panel in the middle to allow you to plot that data into a chart.
When 'Documentation' is selected in the navigator tree, the text will be displayed in the options panel.