LFO's (Low Frequency Oscillators) let you automatically vary effects and sound parameters over time. The green LFO buttons open a small popup window for setting the parameter range (e.g., vary the filter frequency from 300 to 1000 Hz), the duration in milliseconds, sync the LFO to the loop selection, and choose a type of LFO.
Since LFO's can be applied to a wide variety of parameters, from sound file selection to pan to filter resonance, it is possible to set up an autonomous, ever-changing, never-repeating soundscape. (Of course, it is also possible to simply create a filter "wah" effect in sync with your loop!)
There are 4 types of LFO's: sawtooth, triangle wave, random, and continuous-random. The "hold" feature will hold the peak value for one cycle of the LFO.