Choose Edit Shortcuts... from the Shortcuts pane found in the ColorSwitch Pro menu. Then select which panes your shortcut will affect. Set the options for each pane.
If you'd like a shortcut to be activated for a particular application, such as a monitor and volume change when you play a certain game, then select that shortcut in the Edit Shortcuts window and then click on Edit Applications...select the application and click on Okay. Now, whenever that application is launched, the shortcut will be activated automatically.
Creating a custom shortcut is explained thoroughly in Chapter 8, "Custom Shortcuts" of the ColorSwitch Pro Documentation.