OK let me see if I can answer all your questions in a way that will be clear.
1) detector will be dead if RV is not installed the value of RV may be change according to to the coil that you have the standard value of RV (variable resistor) is 820R 1/2 Watt or bigger.
2) S1 is the on off switch.
3) S2 is the auto ground balance and battery check it is dual pole push to make . (momentary)
4) The meter is for battery strength and signal strength. (will only give battery strength when pushed)
Regards Xavier
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Xavier