Live Effects are a Labs feature. To enable Labs, go to the Help Menu and select Enable Labs.
You can only have ONE Live Effect per slide. If you try to create another Live Effect when a Live Effect had already existed on that slide, the newly created Live Effect will take precedence and the older Live Effect will lose its Live abilities and turn into a regular effect.
By default the entire published project is pre-rendered video. A live effect (if present) is rendered on top of this pre-rendered video. You will notice that once there is a live effect on a slide, it will move the effect to the top layer of the surface.
Select an effect in the Layers Panel. Click on the Live button to enable the effect as a dynamic Live Effect that will run in real-time on your Lightform device when you publish your project.
After you publish your project, these Live Effects will have adjustable parameters in the Live Effects Parameters Panel in the Control Page. This means that the effects will change in real-time as you edit the parameters. Read more about Live Effects & OSC mappings in the Control Page.