That's a GREAT deflator, I have tossed all my other deflators including my set of Coyotes in the trash.
Screw the base all the way down all the way around the stem threads, then push and hold the center valve stem rod while rotating it a tad to get it locked onto the valve stem. Then while holding it against the valve stem, unscrew the valve stem completely, you'll hear the air starting to escape. Make sure it's unscrewed all the way. The deflator will hold the valve inside. Then pull the largest brass part, the lowest part, outward to open the big holes underneath it and the air will gush out. Push that part back in to stop the air flow to make air pressure checks then pull it back out again until it's at the right pressure. Then screw the valve stem all the way in and unscrew the main threads from the valve.
Coyotes were easier but they don't remove the valve stem so it's a slow air down process... though I realize you can still drive while airing down.