dgp,
That is a drop checker. You put 3 (maybe 4) drops of pH reagent into water of a certain dKH within the drop checker. CO2 goes into the small amount of air in the drop checker and ends up affecting the pH of the solution. When the drop checker is green (an easy color to ID), that means your CO2 ppm level should be just right. There is a lag time of like 2 hours for the drop checker to be the correct color, but it’s still the best inexpensive thing going to keep an eye on your CO2 levels.
Example: If you put 4 dKH water in the drop checker with the reagent drops, the solution turns green at 30 ppm CO2.
Probably more than you wanted to know…