Graph options allow you access to individual graph items settings. Functionality of the graph options tool is separated to the two parts - item selector and property settings.

Item selector
This tool is designed for graph item selection. When you select series by this tool, last selected series is activated (selected) in the graph. If you want select another one, select it in graph canvas or series list first. Then you may edit properties. This feature is applied to annotation tool also.

Properties settings
This tool is designed for graph item properties settings.

You may choose another way to set some graph object. Select object in the graph canvas and click by right mouse button on them. Popup menu will be occured. Sometimes is better to use popup menu then graph options tool - you can find more options here.