It is a manual process and is used by developers when creating and testing a channel. The idea is that under normal circumstances, it may take upwards of 6+ hours for Roku to ingest a feed url if the name has not changed. It uses the feed url that has been cached to improve performance. If you rename the feed url, it forces Roku to ingest the feed file immediately because it has not been cached.
If you're planning to use YouTube, I don't think that will work due to YouTube's TOS and the fact that Roku and YouTube due not "play well together".
Your best bet is to follow the advice of 37mediagroup since it is the Roku recommended way to set up a live feed. There are other posts on this forum referring to that recommendation.