I could not understand the uses of these buttons which I marked with orange and red boxes in the image. Can you explain it ?
They change the number of recent things that you see. If you have edited twenty files recently, then the most recent five will show there by default (that's the "5" in between the buttons). If you wanted to show the most recent six instead, you would click the "+" button. If you wanted to show the most recent four, you would click the "-" button.