Event
Lets you add a keyboard shortcut to blender. You can choose the shortcut and the action it should perform. You can display this shortcut, for example in your preferences with the Display Serpens Shortcut node.
Settings
Space
The space this shortcut should be able to run in. Any Space will let the shortcut work anywhere in the blender interface
Value
On Press is the default value for how the shortcut needs to be performed. You can also use other actions here
Below you can choose the key that needs to be pressed as well as modifier keys.
Repeat Key
If the key is held down and this is enabled the shortcut will run repeatedly.
Action
You can run operators or open panels, menus, or pie menus.
For each action, you can switch between custom nodes and built-in actions in blender.
If you paste in or select an operator you will get the property inputs for that operator.