Step 1. Open Photoshop and create a new document. I used the size of 2600×2600 pixels. Fill the background layer with black using the tool Paint Bucket 
(Fill) (G).
Step 2. Via Ellipse Tool 
(Ellipse) (U) create a circle in the center of the document, use color #d51a37
Step 3. Via Magic Wand Tool 
(Magic wand) (W) select a circle, and then, without removing the selection, create a new layer on top of the layer with the red circle.
Step 4. Fill a new layer with white inside the selection with the tool. Paint Bucket (Fill) (G).
Step 5. Use filter Filter> Noise> Add Noise (Filter> Noise> Add Noise). Make sure the foreground color is black and the back color is white. Set the settings: Effect – 150%, Gaussian, Monochrome.
Step 6. Without removing the selection, use Filter> Blur> Radial Blur (Filter> Blur> Radial Blur). Settings: Quantity – 40, Method – Ring, Quality – Best.
Step 7. Go to image correction Image> Adjustment> Levels (Image> Correction> Levels). Change input values: 103 for black marker, 1.00 for gray and 192 for white marker..
Step 8. Change the overlay mode to Darken (Replacing dark) and set the opacity to 100%.
Step 9. Repeat the previous paragraphs to create a gray circle of the shield.
Note: As you can see, the gray circle should be smaller. You can repeat steps 4-7 and apply the transformation or duplicate the layer with the white circle to which the filters were applied, change the blending mode to Normal, and then apply the transformation.
Step 10. Repeat the same steps as before to create three different circles and a star.
Note: each subsequent lap is smaller than the previous one.To make a star, first create a gray circle from which to cut the star. To do this, create a shape using the Polygon tool. In the tool settings, check the box next to star (star), the rest of the default settings. (ctrl + click on the thumbnail of the star layer will give a selection).
Step 11. It’s time to make the shield realistic. The first thing to do is use layer styles.
Layer> Layer Styles> Drop Shadow (Layer> Style Layer> Shadow). Use white color, Blending Mode – Linear Brightener, Opacity – 70%, angle – -4 degrees, Offset – 5 pixels., Size – 4 pixels. Select the contour as in the image below.
Step 12.Apply a layer style Inner Shadow.
Use Line Dimmer for blending mode, black, 90% opacity, 45 degrees angle, Offset – 5 pixels., Size – 3 pixels., Contour, as in the image below.
Step 13. Apply a layer style Stroke (Stroke). Use the size of 2 pixels, Position – Inside, black color.
Step 14. Apply these layer styles to all circles and stars. You can adjust the layer styles depending on the size of your shapes.
Note: the author did not indicate, however, we can assume that before applying the layer styles you should have 5 layers (from the edge to the center): red, gray, red, blue, star.
Step 15. It’s time to add texture. I chose a texture from Shutterstock, you can find it by reference.
Step 16. Add a layer mask in the form of a circle and also change the blending mode toSoft Light (Soft Light).
Note: add texture on top of all layers, click Crtl + click on the thumbnail of the largest circle, make sure that the texture layer is active and add a layer mask.
Step 17. I took another texture from DeviantArt and you can download it here. Take Brush tool 
(Brush) (B), The stiffness is -0%, the color is white and draw a small circle in the center of the texture, as in the image below. With the appropriate blend mode, this will add a glare to the shield.
Step 18. Change the blending mode to Color Burn, opacity – 30%.
Note: add a layer mask for the texture as in step 16.
Step 19. Create a new layer and take Gradient tool 
(Gradient) (G), The gradient type is cone-shaped and fill with a gradient document. For this effect, I created my own gradient, as in the image below.
Note: how to set up your own gradient.
Step 20. Change the blending mode to Overlay, opacity – 80%.
Note: add a layer mask for the texture as in step 16.
Step 21 Duplicate layer (Ctrl +J) and change the blending mode to Color Dodge, 30% opacity. Then go to Layer> Layer Mask> Reveal All (Layer> Layer Mask> Show All). Select Brush Tool (Brush)(B). Take a very soft black brush and start sketching the areas you want to hide. In our case, these are areas 1,2 and 3 (see screenshot).
Step 22 Create a new layer on top of all the others, press Ctrl + click on the thumbnail of the largest circle to get the selection. Then apply Filter> Render> Clouds (Filter> Rendering> Clouds). Make sure the foreground color is black and the back color is white.
Step 23 Change the blending mode to Soft Light (Soft Light) and opacity is 50%.
Conclusion
Select all the layers and duplicate them, then merge the new layers into one usingLayer> Merge Layers (Layer> Merge Layers).
Note: it will be more convenient to create at once one merged layer: Ctrl +A Shift +Ctrl +C, Shift +Ctrl +V.
Then go at Image> Adjustment> Desaturate (Image> Correction> Discolor). Change the blending mode to Soft Light (Soft Light), opacity – 50%.
As you can see, the whole lesson was quite simple; we used basic filters and textures and blending modes to create light effects.
