You can easily enable / disable the live stream feature in the web dashboard (after login / signup).
If you don´t want to have a 'Live Stream' menu item in your Apple TV app, then just uncheck "Show Live Stream Page".
If you want to use the 'Live Stream' feature, here is how it works:
LIVE STREAM URL
It works with every HLS stream. So just copy your .m3u8 (HLS) stream URL here.
The 'LIVE STREAM TITLE (FIRST LINE)' and 'LIVE STREAM TIME INFO (SECOND LINE)' and 'BACKGROUND IMAGE FOR LIVE STREAM SCREEN' will be shown on the live stream starting page.
Here is an example of how it looks like:
Let us know in case you have any question regarding live streams?