Originally Posted by waitwhat

Once it is blinking you have to let go of the button. Now the esc is looking for neutral from the transmitter and you have to press and release the button with the transmitter at neutral. After it accepts the neutral calibration you have to pull full throttle, press and release the button. After it accepts the full throttle calibration you go full brake, press and release the button one last time. This is done to tell the esc what the signals look like from the transmitter.

Reverse is a setting just like the lipo cutoff and has nothing to do with calibration. There is a calibration procedure and a setting menu access procedure.