I am not understanding the following directions (see brackets for explanations)

First of all you have to define the main element in the product options in order to use the color selection panel (defined as what exactly?). Go to Fancy Products and click on the icon to edit the product options (edit which product option to display what?). There you will find an input field to define the main element, just enter the title of the element that you set via the Product Builder (titles are already the same).

After that you need to define the placement of the color selection panel via the Plus tab in the global or individual product settings.   (not possible as there is no color selection panel displayed - customer needs to select product first and this is not good as the customer does not know this)