Time-Shift option is available only for Games and applications recording mode. Run Action! and make sure that Games and applications recording mode is selected.
Find Time-Shift option and make sure it is enabled.
Adjust your Time-Shift duration, video recording settings (video size, framerate etc.) and run a game.
Working Time-Shift option is indicated on Action! HUD:
To save your Time-Shift recording to a file just press a hotkey. Default hotkey to save Time-Shift to a file is: Left Alt + F9
To save Action! Time-Shift to a file use a hotkey. Default hotkey is: Left ALT + F9