How can I change the settings in facebook friends button?

[Arul]

Now Facebook does not have the settings option when we hover the mouse pointer over the friends button. (The settings to choose what type of updates we want in our news feed, e.g. all updates/ most updates/ only important, videos, photos, likes & comments,etc.)

[me]

Click on a thing that looks similarly to a circle, on top right corner, and under that you will find "privacy settings" I think that's what you need.