Basically it's measuring current into or out of the battery in amperes. However, there is some controversy about how "truthful" it is, because it hides things like background charging...
Most accurately it can only be described as a current in/out of the IMA battery indicator. The relative number of bars vary and do not always correlate to the amount of current flowing.
Specifically X number of bars indicating an assist will initially indicate X amps, but if the assist is sustained the value in amps will diminsh without a lesser number of bars displayed. Armin has documented this behavour.
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Charge/Assist Gauge
