I was wondering on the “O” as well. Maybe it is:Looks like a lot of options and some good advice to sort through. However, I'm wondering just one thing: From where are the "O", the "L" and the "H" coming from as far as an input? I'm GUESSING the "O" means either "Open" or "Over Limit" (probably open), the H & L are likely High and Low. Looking to me like you're trying to make some sort of quick reference probe where you want to know if an output is high, low or open. An interesting case, using the displays. However, I'd opt for a multi color LED, for instance, red indicating a high condition and blue indicating a low condition. Open ? ? ? Well, no light will tell you that you have neither a high OR a low output state. You would have to provide your probe with a power source and a common so that when you read a high you get the red LED to light through an appropriate resistor to common and a low would give you the blue LED through a power source and resistor to common through the device being tested.
I may be completely off base, but that's the impression I got from your post.