Yes Peter that is correct, the octane's etching does rotate, - as does the actual Octans stars rotate around the Celestrial Pole, so, you have to rotate the scope in RA (not declination as mentioned other post) Rotating in Dec will also rotate the polar scope and its etchings, hence, line up the etchings/ polar scope to match closely the position of the octanes stars - then adjust scope mount up/down - right/left if need and tweek in until happy - may need to rotate polar scope again to true it in more accurately
Hope this helps & all the best