This is how I have it setup on the Turtle Beach Velocity One.
Locate the assignment functions for Throttle X Decrease and Throttle X Cut – the X will be equal to the engine number on the aircraft.
Set your throttle levers to the 0 position – just above the final click/detent position.
When you find Throttle X Cut, click inside the assignment box to reveal the assignment editor.
Then, click the START SCANNING box, and when prompted, move the throttle lever into the detent zone and then back to 0 again. A button number will appear. Set the Action Type to ON RELEASE, and then click VALIDATE.