Value Parameters

In order to add a Value Parameter, select the Add button within the Values row. 
This brings you to the Enter Value Params screen.
Enter the corresponding number(#) that you wish to reference and provide a name for your new value parameter.

You have a number of configurable options you can set: 

Alert Contact

If you would like the contact assigned to the device to be notified.

IsCounter

If you would like the value to increment on each time it gets triggered.

No Fix

.

Use Formula to enter initial value

Exactly as said, utilizes a formula for the initial value.

Provide the new Value param with a Datatag and description and you're done!