Thank you for your question,
To correctly configure a event for panic button you may use the operand "On entrance"
The high/low level of digital input 2 should be configured as 1.
Find an example in the screenshot.
This would mean that if the button is pressed (the digital input 2 value is 1) an event would be generated. Average constant can be set as default.
To find more information on operands please check this link:
The average constant description is found here:
Also you can configure the device to send a SMS message to a defined GSM number. To do this enter you GSM number in the "SMS / Call Settings" section, "GSM Predefined Numbers" tab. Then select the number in "Send SMS to" tab of "I/O" section.
SMS \ Call settings
Hope this helps,