The Action cam you have appears not to do time lapse video or still images. You will have to shoot at normal speed and then in MEP speed up the video using the Effects, Video Effects, Speed option.
Note to speed up faster then 2x you will have to unlink the audio from the video and remove it.
An example of 10x speed is here (mp4). - you may need to download this to view it. The video was taken with a Contour HD 1080p sport cam.
. . . . The Action Cam takes 5,10,30 and 60 sek images . . .
At the 5 second intervals the 'framerate' will be too slow - at 25fps (30fps) video this = 125 (150) seconds compressed to 1 second. On a motorbike this could be the equivalent of covering 3 miles (4.8 km) in 1 second at 60 mph (96km/h)
. . . . I know that i can speed up the movie 4x . . . .
If you use the slider - you can go faster - you have to type the speed into the number box alongide the slider. The example I have given is 10x speed and was done in a single step.
The best and easiest option is to shoot the film for a long duration and then when you edit it increase the speed through the Frames per second option. You can make it 1200 to 1500. This will speed up the duration and will give the time lapse look.