Custom pivot editing mode lets you adjust the pivot's position and axis orientation while you're modeling in object mode or component mode. (See Selection modes.)
To enter custom pivot editing mode
Click Edit Pivot in the Tool Settings. The custom pivot manipulator (the translate and rotate manipulators combined) appears. If you're modeling in component mode, multi-component selection mode activates.
To exit custom pivot editing mode
Click Edit Pivot in the Tool Settings.
Select a different transform tool.