Actions are "one-time" conditionnal triggers. You will want to use them if you have an "if-then" scenario, like "If the volume of the microphone is more than 50%, then launch a video in Resolume"
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Conditions are the "if" part of your action. You can have multiple conditions running together. Each time the conditions get validated, the action will be triggered.
There are 5 types of conditions : From Input Value, Scripts, Group, On Activate and On Deactivate
Each time a condition is validated, it will turned green. It will turn back to grey once it gets invalidated.
Consequences are the "then" part of your action.
For each action, you can create as many consequences as you want, and it will trigger them all at once, allowing for synchronized control of different modules.
You have also options to delay the trigger after the action is validated, as well as staggering the trigger of each consequences, resulting in a regularly timed triggering of each consequence.