Double clicking on the Morphing entry in the Modifier Stack will open a new section at the bottom of the panel with a Morph Target dropdown and options.
Morph Targets
Metamorphosing, or Morphing, causes a 3D metamorphosis from one object into the shape of another object. Morphing requires a minimum of two objects: a beginning object and a target object.
To be able to morph successfully between objects, the number of points and their order must be identical.
Using Endomorph objects simplifies the process by keeping all target data within a single object file. This guarantees the same number of points and helps to maintain point order.
When you enter a Morph Amount, the object will be transformed by that percentage into the Morph Target object. However, you will almost always animate the amount of morphing over time using a standard LightWave envelope to control the morphing of an object’s shape, surface colors, or both, during an animation.
If you use an envelope, the Morph Amount will have no effect on the result.
The Morph Target is the destination object (the object that the current object will morph into). The target object itself can have its own target and you may create a chain of up to forty targets. (Any number of objects may be morphing within a scene.)
Morph Surfaces
You can cause the surface attributes (color, texture, etc.) of the first object in a morph chain to convert to the surface attributes of the second object. Even if additional objects are morphing, only the first and second objects may use Morph Surfaces.
Multiple Target/Single Envelope
To morph a single object through a chain of multiple targets using only one envelope, you can use the Multi Target/Single Env option.The morph chain should be set so that object A has target B, object B has target C, object C has target D, and so on. Once that is set up a morph value from 0 to 100 morphs the A object into the B object. Morph values from 101 to 200 will morph object A into object C. Values of 201 to 300 will morph to D, and so on.
Multi Target/Single Env with surface morphing will reflect only a surface change during the first morph.