Action Editor

The Action Editor is where you can define and control actions. It enables you to view and edit the F-Curve data-blocks you defined as Actions in the F-Curve Editor. So it takes place somewhere in between the low-level F-Curves, and the high-level NLA editor.

It gives you a slightly simplified view of the F-Curve data-blocks (somewhat similar to F-Curve drawn without handles). The editor can lists all Action data-blocks of an object at once.

Each Action data-block forms a top-level channel (see below). Note that an object can have several Constraint (one per animated constraint) and Pose (for armatures, one per animated bone) F-Curve data-blocks, and hence an action can have several of these channels.

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The Action Editor.