Hey @frizzoS3, this can be read in docs:
Correlation searches can run with a real-time or continuous schedule.
• Use a real-time schedule to prioritize current data and performance. Searches with a real-time schedule are skipped if the search cannot be run at the scheduled time. Searches with a real-time schedule do not backfill gaps in data that occur if the search is skipped.
• Use a continuous schedule to prioritize data completion, as searches with a continuous schedule are never skipped.
As for guided vs. manual mode -- I think this is the difference, "Select a mode of Guided to create a search without having to write the search syntax yourself, or select Manual to write your own search."