You start by inserting the wire into the tool as below; it's quite easy, and if your wire is longer than the tool, there's a hole that the wire can fit through.
Then, all you do is squeeze the handles together and it begins to form the eye pin.
The tool also cuts the excess wire as it is forming the loop.
When the loop is formed, you just bend the wire down to create a slight bend in the wire, to form the eye pin!
Here you have a finished eye pin. It's all ready for you to insert your dangles, and then close it up with your round nose pliers.
There are easy-to-follow instructions on the back of the package. You can get this tool in many on-line stores, however, it sells out quickly and you may have to get on a waiting list to be informed when more are available.