Note: This function is only available when you have a sensor and you have flashed the right firmware.
A bed surface is never perfectly flat. This panel constructs a 3D representation of the bed (a mesh) that will be used during a print to compensate those imperfections. It is similar to an Manual Bed Leveling, but with a sensor and thus it is fully automated.
The printer first home the 3 axes.
Then it measures 9 points on the bed. The following screen is displayed during this process with the position of the current measure:
If you have a BLTouch, you can select the High speed option to speed up the automatic bed leveling. Instead of deploying and stowing the probe's pin for each measurement, it will stay deployed.