Stored Queries are special file collections that are used to create persistent searches with the quick search system. Each stored query remembers a search string and one or more folders to search within. Rather than a static collection of search results, when you navigate to the stored query, the quick search can be automatically run and up-to-date results shown instead.
You can create a stored query from the File Collections root folder - right-click on the folder itself, or from within the folder right-click on the file display background, and choose the New Stored Query command.
You can also create a stored query from an existing search - see the help on the quick search system for more details about this.
Once you have created a stored query, right-click on it and choose the Properties command to display its Properties dialog, and change to the Query tab - this is where you can configure the search parameters.