If you're unsure what settings are handled by the Magento dashboard vs Algolia dashboard, you can read this guide here.
If you need to override the settings you can do that in the following Magento admin section: "Stores > Algolia Search > Credentials and Basic Setup" then click on "Advanced - Extra Algolia indices settings".
Please note this setting will override the existing parameters, not add to them.
If you need to update all the settings you should push the settings programmatically
by hooking into the algolia_products_index_before_set_settings event.
You can use the setting to override an existing parameter, for example custom ranking. This can be useful for nested attributes such as price.USD.default, as you can't set the nested attribute from the Magento admin. As this attribute doesn't exist in Magento and setting it in Algolia dashboard will be overridden upon reindexing, you can set it in the Magento admin section under Advanced - Extra Algolia Indices settings or set it programatically.
Once you do that you should be able to see the custom ranking added in your Algolia dashboard Ranking and sorting section:
Please make sure to use the correct syntax, otherwise you will get the following error: