I'm jumping onto Unreal 4 from Unity 5 and am still getting the hang of things. In Unity I can toggle the widget's orientation from pivot to center, and I could move along the world or local axis with simple toggle of a button. Do similar controls exist in Unreal 4?
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If you hover over that icon i believe there is a shortcut - Ctrl + ` (I think, but I'll have to double check at home)
Hope this helps,
Cheers!
You can set a temporary pivot by holding Alt+MMB and drag it to wherever. It will reset to the default pivot when you click off.