The meter will show volume and tone control balance between left and right stereo amplifiers. For maximum convenience the meter is a zero-center type. Resistors are five percent or better and the diodes a matched pair. Optimum stereo level and phase balance occurs for matched speakers when the meter indicates zero.
If the meter indicates either side of zero, the levels are not matched or the wires are incorrectly phased. Check phasing by making certain the meter leads are connected to the amplifier hot terminals and the common leads go to ground.