Simplified cutaway, not to scale
Venturi control knob
Flip it on any step, or while holding Breathe. On step 4, switching to − stops the free-flow.
Based on SSI Science of Diving, Section 4, Lesson 4.4. Pressures are absolute, in bar; intermediate pressure is shown at a typical setting of about 10 bar above ambient. Diagrams are teaching schematics, not drawings of a particular regulator.