Unfortunately a checkbox for “Show mirroring options in the menu bar when available” doesn't indicate that your Mac is able to support mirroring.
Which Mac do you have?
AirPlay Mirroring requires a second-generation Apple TV or later, OS X 10.8 or better and is supported on the following Mac models: iMac (Mid 2011 or newer), Mac mini (Mid 2011 or newer), MacBook Air (Mid 2011 or newer), and MacBook Pro (Early 2011 or newer). You can see which Mac you have and which operating system you are using by selecting 'About this Mac' from the Apple menu in the top left corner of your Mac and selecting the 'More Info' button.
AirPlay Mirroring from a Mac also requires a fairly robust network.