Hi Manish,
I apologize for the delayed response. Has the team been able to resolve this since the post was first made?
When making one of those, the system will do some defaulting of the "Select Control Data" > "When" if ( and only if ) the Control Entity on the "Details" table of the history data items is the same as "this entity" ( the one whose Control Point you are editing ). Otherwise, it is up to the rules writer to fill out the cycle criteria and the "select control data when". For a computed history, you also have to add computations on the "Fields" tab, such as "sum of control field X" or "minimum of control field Y". It should be noted that some things change when selecting "entire instance" for history as well.
A good reference for more information on items like this may be found within the "Global Help" section of the product UI. Navigating this feature is detailed within the following article :
https://support.infogix.com/hc/en-us/articles/360044947734-Accessing-Global-Help
Please let me know if there are any specific questions the team has around this.