Start on the first frame of your clip. Place the center cross hair on something distinct that you want to hold in place. Expand the scan range to a distance that is the most it is going to move between frames. That’s how far it will look for the object you marked with the crosshairs from frame to frame.
Don’t worry if the best object for the “center” cross hair isn’t actually what you want in the exact center. You can recenter the whole image with the motion tab.
The bummer with stabilizing is that the more motion you have, the more you have to enlarge your image so that the black edges don’t show. So it’s good for stabilizing a shaky hand held shot, but you can’t turn a pan into a lockoff if you know what I mean.