The instructions for the Trimetric (on line somewhere in bogart's site) have a good explanation for how they do it. They say that until gassing starts the heat loss is actually less than the 4% they use.
Point again is that, say, 10% loss for AH returned for the 80-100% SOC, is 10% of that 20%. Say 440AH bank, 20% is 88AH and 10% of that is 9AH. 9/440 is 2%. If loss over 80% SOC were 20%, that would be 4% of capacity. When you combine that with their vague notion of "full" as something under 100%, it hardly shows for one cycle, but gets off track after a few cycles.
The shunt has the thin wires (some braided) in a cable to where the read-out panel is mounted and one of those wires goes off to the battery pos terminal at the shunt end. The shunt has to be close enough to the battery for spreading those wires at that end of the cable to their locations. I suppose you could separate the pos wire so the shunt could be farther from the battery. I am not clear on that.