You can identify the values portrayed in a story primarily by focusing on what the characters think, say, and do. The characters’ thoughts, dialogue, and actions often reflect the underlying themes and moral values of the story. Additionally, considering the consequences of the characters' choices can also provide insight into the values being conveyed.
While other options, such as the setting or historical context of the story, can contribute to understanding its values, the characters' perspectives are usually the most direct way to discern those values.