The Global Filter is used to apply common filtering requirements to your saved filters. For example, if you know that you always want stocks in a particular price or volume range, you could add the text to your global filter.
close is above 5 and average volume(10) is above 100000
Those requirements would then be apply to any filter which has the enabled the Global Filter.
You can easily toggle the global filter by clicking the "Globe" icon indicated above.
To edit your global settings, click Here.
Update 11/18/2015
The Global Filter can now be applied to non-saved filters. Additionally, you can toggle and edit the global filter directly from the filter-edit page.
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