Forgive me, as I am a new owner/member.

But,

The traction button in the center console (The one that activates or deactivates the little light in the middle of the speedometer showing a car swerving). When should it be on/off?

I have had it on since I bought the vehicle.
Opinions/Thoughts...

 

I drive with mine on all the time unless I want to go a little crazy and have 20% more fun.

 

I usually leave mine off in the nice weather. Doesn't make a huge difference, though. Not for me, at least.

 

For myself it is off 99% of the time. I don't like the computer limiting my engine if I decided to put the peddle down.

 

Since you're a new owner looking for an honest answer without me being a smart A...

The traction control is a very useful system for preventing those annoying (dangerous) spins under power... When the TC is in the fully functional mode, it activates at, let's say 100 percent and will correct the spinning wheels to prevent a loss of control (within limitations)... When it is in the "off" non-operational mode, it activates 80 percent later, but will still correct the attitude, slipping, spinning, sliding of the car while it is under power... It just gives you much more latitude to be aggressive with the vehicle...

If you are a normal daily driver, just keep the device activated...

 

With the light "on" the traction control system is off...

with the light "off" the traction control system is on...

I have a SRT, i usually keep the traction control system on, the car will kick out and drift if i get it a little gas out of corners, I found that while at the track, if i spool the car off the line, it performed much better with the traction control system on. I'll try to do more comparisons as i'll be going to the track next weekend again.

Getting the car sideways is fun though.

 

Oh please do share photos of your event... The more of you and your car, the better...