Widget Option Sets are used to set pre-defined widget preferences to be used across the site.
Create a New Option Set
Navigate to the page you wish to edit
Open the Content tab and select the applicable content

Drag and drop the content onto your page

On the Widgets tab, configure the Widget Format

Configure the Content Appearance fields

Note:
The options will differ slightly depending on the selected Content Type and Widget Format.
Option Set: If needed, select an existing option set to work from
Widget Skin: Select a widget skin option or leave it as the Default
Auto-Adjust Columns: If checked, the Widget container will automatically align items within a number of columns that you can set
Limit Descriptions: Check to specify the maximum length of a description
Field Bank: Drag the content fields to your preferred sections within the widget. Empty widget sections will not be displayed.
See More Labels Location: Select where the See More link should be displayed on the widget
Hide Loading Placeholders: Choose whether or not to display placeholder items while the widget is loading
Once you have made any necessary changes, click the three-dot menu next to the Option Set drop-down and select Save as New Option Set

Enter a Name for the option set

Review and click Save Changes

Your new option set will be displayed in the drop-down

Delete an Option Set
Navigate to the page you wish to edit and select the applicable content widget

On the Content Appearance tab, click the three-dot menu next to the Option Set drop-down and select Delete Option Set

Select the Option Set Replacement that you would like to use for the content instead

Click Delete and Replace

The option set will be removed, and the replacement will be added to the content