Plastic Button

Finished project
  Download a file and create a new image.

Download my Pill preset shape. Unzip and extract to your Preset Shapes directory. Create a new image 200 pixels wide by 100 pixels high, 24 bit.

 
Drag out the vector shape Make the button base.

Set your background color to the color you want the button to be. I've used #A32392 here. Set the foreground color to null. Click on the Preset Shape Tool. Click on the Shape List drop down and find the pill preset shape you installed. Retain style unchecked, vector and anti-alias checked. Drag out the shape.

See a screen capture of this step.
Shadow contour applied Shade the button.

Selections->From Vector Object. Layers->New Raster Layer. Effects->3D Effects->Cutout. Answer OK to the dialog. Offsets are -5, Opacity 100, Blur 17, set the shadow color to black. Using the opacity slider on the layer control palette, decrease the opacity on this layer to around 75%, the exact amount will depend upon your base color.

See a screen capture of this step.
Adding highlights Make the highlights.

Add a new vector layer. Set the Preset Shape tool to the standard ellipse shape. Set your background color to white. Drag out very skinny ellipses on the top and bottom of the button. Drag out two more small ellipses at the top left and bottom right corners. Use the Object Selector Tool on the corner ellipses to rotate them as shown. You may want to zoom in on the image to make this easier.

 
Blurring the highlights Continue working on highlights.

Right click on the top layer in the layer control palette and choose "Convert to Raster Layer". Adjust->Blur->Gaussian Blur. Set the radius to 3.

 
Drawing the inset lines Add the inset lines.

Add a new vector layer. Click on the Pen Tool. Set the foreground color to black and the background color to null. Zoom in on the image so you can see where the lines are going. Draw a one pixel line about a third of the way in from the left end that covers the button. Holding the shift key while drawing with this tool will constrain the line. Click on the New Shape button on the tool ribbon and then draw another line at the other end of the button. Change the foreground color to white. Click the New Shape button again and draw lines in white directly next to the black lines. Reduce the opacity of this layer to about 45%.

See a screen capture of this step.
Blurring the highlights Add the arrows and text.

Add another vector layer. Make your background color white, foreground color null. Click on the Preset Shape tool and choose the triangle shape. Drag out a triangle on one end of the button. Use the Object Selector Tool to rotate the triangle to the correct direction. Edit->Copy. Edit->Paste as New Vector Selection, paste this one on the other end of the button and rotate it to the correct direction. Click on the Text tool. Add whatever text you would like. Drag the Opacity slider on the layer control palette down to about 90% for this layer.