To use the shortcode you will need to pass the slug of the child post type into the shortcode. Example [child-exits slug='my-child-cpt']
Next you will need to register the shortcode so that it can be used in our views conditional shortcode. To do this go to Toolset->Settings->Frontend Content and add 'child-exists' to your 3rd party shortcode arguments section.
Finally this shortcode will return nothing when there is no children available.
So you will do then need to evaluate this shortcode using our wpv-conditional which can be seen in the link below.