Hey there. Looks like we have the same tank and skimmer. Red Sea 200XL G2. Turn the gate valve clockwise. It may take a while , but you want the water in the over flow box to fill up until it reaches about 1cm under the emergency overflow is where you want the water level in the over box. You'll need to adjust the gatevalve so that the water going into overflow matches the rate of water returning into the tank and that the level stays the same in the overflow box. This can prove challenging. Its perfectly fine to have a slow trickle going into the emergency overflow for constant sump water level. When you get close to where you want the level , make very small adjustments (1mm at a time) and wait 3-4 minutes to check the level. It will take some time.
4 Overview of the REEFER™ water management system Surface Skimmer / Overflow Box Surface water from the aquarium flows via the removable comb sections of the surface skimmer into the overflow box that houses the dual intakes of the silent-flow downpipe system and the outlet nozzle of the sump return pump. The silent-flow downpipe system includes a flow-regulated main downpipe and a secondary overflow bypass pipe. An external pipe with a clear upper section is placed over the main downpipe to ensure positive water motion throughout the entire height of the overflow box. The fine adjustment flow valve on the main downpipe enables the water level in the overflow box to be maintained at a constant height between the intakes of the main and bypass pipes, which ensures positive surface skimming while eliminating all noise from the water flow to the sump. An incorrect setting of the flow valve will be accompanied by the sound of the water returning to the sump and is an indication that the flow valve needs adjusting.
Main downpipe valve adjustment To raise the water level in the overflow box, rotate the valve clockwise.To lower the water level in the overflow box, rotate the valve counter clockwise. The main downpipe flow valve provides a very fine control of the flow rate however after making adjustments it takes the system a few minutes to stabilize at the new setting. Once you have established the approximate setting for the valve make very small adjustments and wait for a few minutes each time. It may take a number of occasional adjustments to reach a stable level. When set properly this system removes all of the noise of water flowing down to the sump.