Configuring caching on a data component is not possible. It can be done on a higher level, campaign level or mail/page level.
- CACHE_CAMPAIGNDEF (caching of campaign definition)
- CACHE_MESSAGEDEF (caching of mails/pages definition)
The 'Content Expiration'
This option will only give you the possibility to include articles based on their created date or modified date. You cannot use this to exclude articles. Still if you want to use this option it's very easy. Just select the field were you want to filter on (created date or modified date) and then select the interval you want. For example 1 Hour.