If the "math mode" box is checked, the formula input will automatically be interpreted as mathematics.
To be specific, the formula will be surrounded with $$...$$, and the resulting image will be centred.
${1 \over 2^{2n}}{2n \choose n} \sim {1 \over \sqrt {\pi n}}$ =
{1 \over 2^{2n}}{2n \choose n} \sim {1 \over \sqrt {\pi n}} in math mode =
Outside of math mode:
Inside math mode: