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I had asked
"I just discovered all these cool FX preset choices when I click on Grade objects. They are great, but I don't see these choices when, for example, I go to an underlying individual clip and want to add one of them as an effect. Does this mean these FX presets can only be applied to the whole composite?"
but now realise that the answer is no; i.e I understand that they can be applied to an indivdidual clip; what a grade object effects depends on what is underneath it in the timeline view
Sorry for the spurious question; I'm a bit slow on the uptake sometimes