This feature will enable dragging of events on single-user, daily and weekly calendar views. This allows users to reschedule events without leaving the page
Once enabled, go to Calendar Day View or Week View (not Month View).
You should be able to drag and drop existing event for the week or day, this feature is not for Month View.
If you have Enable Click-and-Create Events on Calendar Views enabled, this will let users create events on day and week calendar views by double-clicking a specific time slot and entering event details in an interactive overlay. The fields available in the event detail and edit overlays are defined in a mini page layout. Recurring events and multi-person events aren’t supported for click-and-create events on calendar views.