Both cutoffs work pretty similarly (although again, on the Slash the Novak and Liposhield won't work very well, causing throttle to stutter badly).
The cutoff has a plug that goes into the receiver. The esc plug that normally goes into the receiver goes into the cutoff.
Lastly, the cutoff has a positive and a negative wire that goes into the ESC red and black outputs.
The balancing port is never used.