How do I create a Live Wallpaper in Wallpaper Studio?

In Library, long-press one wallpaper and select at least one more. With two or more selected, tap Create live wallpaper. Wallpaper Studio opens a preview where you can adjust the available settings. When you are satisfied, save the result to your Library or apply it.

You can preview the generated Live Wallpaper without Pro. Saving or applying it requires a Wallpaper Studio Pro license. See Does my Smart Launcher Pro license unlock Wallpaper Studio Pro?.