An ellipse is a useful object and one that is virtually impossible to create freehand. The Ellipse Tool takes the hassle out of creating circles and ellipses.
Settings
The following settings can be adjusted using a vertical tool slider:
Width—controls the width of the line using a vertical slider next to the tool's location. Slide up or down to set the width.
The following settings can be adjusted from the context toolbar:
Keep selected—when enabled (default), the new shape layer will be selected on creation. When disabled, the new object is deselected which prevents it from adopting the next object’s stroke/fill properties.
Convert to Donut—swaps the ellipse for a donut shape.
Convert to Pie—swaps the ellipse for a pie shape.
Convert to Curves—converts the selected object into a series of connected lines and nodes.