This is very strange because I am checking next to me a system with HD 4600 and HD 5500 with latest graphics driver (4222) and it is showing me the option under display as the this thread.
The reason why your system is not letting you change the resolution may be because either the windows version is a basic version and it is limiting you to do it or the OEM may have set a limitation for this.
Can you attach your system information report? How to get it?
System Information: Click Start> Type System Information> Click File> Export> Save File> Attach using Advanced Editor Options.