Just read the answer to happynavy above yours:

By default the Panic Button is disabled so if you enabled it just below there is the command "Panic Button position in cockpit" to adjust its position on the screen and even more below its transparency in Settings/Skin Settings/Warnings/Alert Points.
This is in the latest update, if you have an "old" version it can be in another position in the menu, I don't use this button.