When transcoding is enabled on a video service, the different qualities are described in the master .m3u8 file.
For example an M3U8 master link of https://yourstream.com:1936/broadcast/broadcast.m3u8 may contain similar contents:
#EXTM3U
#EXT-X-VERSION:3
#EXT-X-STREAM-INF:BANDWIDTH=525800,RESOLUTION=426x240,CODECS="avc1.640015,mp4a.40.2"
240p.m3u8
#EXT-X-STREAM-INF:BANDWIDTH=1570800,RESOLUTION=1280x720,CODECS="avc1.64001f,mp4a.40.2"
720p.m3u8
In this example, the 240p.m3u8 and 720p.m3u8 are two additional files in the same directory and can be accessed at the below links: