How to Visualize Sound effects (enable visual cues) in Fortnite?

In order to turn the visual radial indicator on for some sounds, please complete the following steps:

1. Launch Fortnite.
2. Once in the Lobby, click on your Display Name icon on the top right of the screen.
3. Select Settings (gear icon). 
4. Select Audio.
5. Turn Visualize Sound Effects ON.
6. Click Apply.