There are currently 4 steps:

Set email search criteria
- Text for "must be in email" and "must not be in email"

Find activation email
- Should locate the username

Retrieve account password from email
- Retrieve the password if any

Click activation link
- Locate and click the activation link

I am not happy with that, it makes no sense to me.

It should be:
Set email search criteria
Text for "must be in email" and "must not be in email", where placeholder are allowed like %accountname%, %accountpassword%, %accountemail% and %rootpage%

So you could write in "Must be" list the following 3 entries to locate the proper activation email:
%rootpage%
you need to confirm your email address by clicking the button below
%accountname%, in order to

This would translate to:
https://smoothpages.com/xenforo/
you need to confirm your email address by clicking the button below
vampire, in order to

What do you think?