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While signed into the phone, press on your profile in the top left. It will either be your initials or your profile picture.
From here select either your current status, or "Set status message".
For availability press whatever option you would like your status to be set to.
For status message, press the "Set your status message" box, then type in your status. Adjust the other settings as needed, and press the check mark in the top right.
