/sys$common/syshlp/helplib.hlb EXCHANGE, INITIALIZE, Parameters  *Conan The Librarian (sorry for the slow response - running on an old VAX)

 device-name

    Specifies the name of the device on which the volume to be
    initialized is physically mounted.

    The device name can also refer to the name of a mounted virtual
    device to be reinitialized.

 file-name

    For INITIALIZE/CREATE, file-name refers to the name of a file to
    be created and initialized as a virtual device.

 volume-label

    Specifies the identification to be written onto the volume header
    for RT-11 volumes only. The volume label can contain up to a
    maximum of 12 alphanumeric characters. The default is OpenVMS
    Exchange. Use quotation marks to specify a volume label with
    lowercase letters.