Rand; My EZIO2X4 has the needed +5 on the marked terminals and I don’t remember any settings being needed.
One thing I have noticed; the connectors on the EZIO2X4 and EZIO8SA have the actual connection to the circuit at the top near the screw. If there is not a wire in the connection or the screw on the top is gently tightened. I had no meter readings if I just put my meter leads in the connection holes or touched the screw tops.
Side question. What color is the Status LED on your EZIO2X4? Mine is a bright Deep Blue.