This utility is temporarily applied as an effect while in use, it is deleted or disabled after use. It allows you to sample a colour on screen which is then blown up large enough to be easily isolated on the RGB Parade for colour balancing.
It is most useful for balancing black and white levels.
It has been setup to work with all SD, HD, 4K & 5K resolutions at all available frame rates from 23.98 to 60fps in FCPX.
It also has a PDF file inside the folder. This folder, as downloaded from the link below, should be put inside a "Custom" named folder in your "Effects" folder inside your "Motion Templates" folder in your "Movies" directory.