Mine is the "Blue" one.
Yours will be either yellow or grey.
Either one, as you can see, it will put the "pick-up" not in the centre as so may posts will have you believe.
The expensive metal OTC tools are marked by engine displacement and year.
You can get the coloured plastic ones at Amazon and they are supposed to come with a chart to tell you which is the correct one for a given application.
And yes, it's just like putting a distributor in place, you get it close to the correct position and use the tool to get it exactly where it's supposed to be by simply rotating the syncro.
In this case the tooth in the syncro that passes on front of the sensor is just like the rotor in any distributor.