The Tirmetric shunt needs to be as close to the negative post as practical. Mine is on top of the AGM battery. You would want a flooded battery shunt further away due to corrosion.
Display wires: There are 2 wires on the negative side of the shunt. One is for display power and the corresponding wire is connected to the battery positive post with a fuse. The second wire and it's corresponding wire on the positive side of the shunt are the sense wires.
It's important to have no loads on the sense lines due to the low voltages which is why there are 2 wires on the negative shunt post. A 500A shunt has a 50mV drop. So to measure 10A the voltage would be 10/500*50mV=1mV (ie 1 millivolt).
BF13 is correct that the display voltage resolution is single digit but that does not mean that the calculations use a single digit.