Using the Channel dropdown list levels can be applied to Red, Green & Blue colours in your picture individually or all at the same time. I suggest you leave it at the RGB setting unless you wish to correct a particular colour tint within the picture.
1) For a quick fix initially click on Auto, this allows Photoshop to adjust your photo as it thinks best. (Same as Image > Adjust > Auto Levels from dropdown list. The Auto Levels settings can be adjusted by selecting Options.
2) The three eye droppers adjust the levels within the Photo based on Black, Grey and White.
Select the desired eyedropper with a left mouse click, point the dropper nozzle at a section of your image that is known to be white, grey or black and left click, Photoshop will adjust the levels of the picture accordingly.
3. The little triangle pointers under the histogram and graded scale (Input and Output) can be dragged left or right to change the levels.
4. Again use the left mouse button to select the pointer, for Input, moving the right hand pointer to the left increases the overall brightness, moving the left hand pointer to the right darkens it. The output pointers work in reverse.4The Levels can be applied to the individual Red Green and Blue channels within your photo if one of these hues need to enhanced or reduced, take care this can produce really odd results to the photo.