1. The Dynamic Dataset Color uses color available in dataset fields in the chart widget.
Prerequisites: Your dataset should have the color fields.

2. As you select the color field, you will be able to see colors changing in chart, field wise.

3. As user selects the color field in dataset color, then the column color will get changed.

Before:

After:

4. (i) Icon besides the control stands for the information about the control, user can hover and see the additional information.