I am guessing. I haven’t worked with Modicon since 1994 but will give it a shot. I described each line using the picture but the pictures did not paste into this reply but you will get the idea. Best thing to do is quit this place because they use MODICON and go find a job that uses RSLogix or Step7.
In these pictures, the Math Functions are always Enabled so they calculate (update) every scan.
If the Process Variable falls out of Range of the Setpoint by 20 (deadband) then ALARM BYPASS_PRESSURE_ALARM and set the FAIL Bit. The FAIL bit is in the ALARM ladder logic on second picture.
If your Process Variable = Setpoint Then COMP1 is True.
If you are NOT in Alarm and COMP1 is True then INTER is TRUE.
The Setpoint – Deadband = DIFF (a calculated value from the subtract block)
If the Process Variable Value drops below the DIFF Value then COMP2 is TRUE
INTER is True so if COMP2 goes True then ALARM. ALARM latches itself in and is Reset by the RESET Button. FAIL also sets ALARM true.