You can create a new spot channel or convert an existing alpha channel to a spot channel.
Ctrl-click (Windows) or Command-click (Mac OS)
the New Channel button in
the Channels palette.
Choose New Spot Channel from the Channels palette menu.
If you made a selection, that area is filled with the currently specified spot color.
Be sure to name spot colors so they’ll be recognized by other applications reading your file. Otherwise the file might not print.
This option lets you simulate on‑screen the density of the printed spot color. A value of 100% simulates an ink that completely covers the inks beneath (such as a metallic ink); 0% simulates a transparent ink that completely reveals the inks beneath (such as a clear varnish). You can also use this option to see where an otherwise transparent spot color (such as a varnish) will appear.