Hi Harold,
The 'Measured' option for the Metal material and the Measured material type are not the same. They use different kinds of measured data.
That being said, creating any material with a custom measured property (either Measured Metal or Measured material) requires loading external data as input.
The Measured metal presets in KeyShot 7 describe a more accurate reflection behavior than a single color could. I.e. The reflection color is dependent on the viewing angle, just like in reality.
Because the presets are more accurate, most Metal materials in the Library have been updated to utilize the presets.
Besides the presets, you can also load a custom profile as either a .ior, .nk or .csv file (Sopra NK format). These files are not easy to come by though, which is why we included the most commonly used metals as presets.

I hope this helps.
Dries