If the streams you are monitoring have multiple qualities/formats available then by default you will be prompted to select quality and format.
To automatically select then Settings > Internet Downloads > Preferred Download Quality and Preferred Download Format. These options are also available on the multiple streams detected window that appears if Prompt is selected which is the default setting.
Is there an option to specify for a particular monitor to record at some specific quality. If yes, then how do I do it. If no, can it be added in future updates.