Only Show At Level 120: Only show the menu when your Character is level 120.
Hide On Combat: Don't show the menu while you're in combat.
Click To Add TomTom Waypoint: Click on the Rare in the menu to add a TomTom Waypoint.
Hide Known Items: Hides Rare's of which drop you already know.
Note: If you check this a menu will appear beneath it called "Whitelist". This can be used to still show Rare's with a certain kind of drop which you already obtained.
Hide Goliaths: Hides the Goliaths as they don't drop a learnable item.