yes, read about it..
on that pic above, what you are seeing, is 6 strings being played at once,
and it is showing which ones are flat, in tune, and sharp
i never use it that way, because obviously, if you don't have a tempered instrument, every position is going to be off somewhere..
i just tune open strings, and live with the intonation.
as it is, all my instruments are so well set up, i don't have a lot of issues.