Local Space

Picking the Origin point from the local bounds

To select some Origin point using the local box of the object: while you hold the Ctrl key, hold also the Alt key, you will then see some purple colored points aligned with the local bounding box of the selected object. Following the same convention as before, corners are rounded, midpoints are squared, and you can select a point with the Left mouse button.

In this case, this action will also enable the use of the Local bounds button in the User Interface, from where you can also switch between both coordinate systems.

The drawn bounding box in the 3D view updates to reflect this change, showing a purple colored box this time.

Picking the origin point from local bounds.