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A pulse oximeter is a medical device that indirectly measures the amount of oxygen in a patient's blood. It is often attached to a medical monitor so staff can directly read a patient's oxygenation at all times.
By far, the most common monitor measures hemoglobin saturation. Typically it has a pair of small light-emitting diodes against a photodiode on a probe clipped to a translucent part of the patient's body (usually a fingertip or an earlobe). One LED is red, with wavelength of 660 nm, the other is infrared, 910 nm. Absorptions on each wavelength differs significantly for the oxyhemoglobin and its deoxygenated form, therefore from the difference of the absorption of the red and infrared light the oxy/deoxyhemoglobin ratio can be calculated. As the amount of blood in the capillaries depends on the actual blood pressure, which varies around the heart pulse cycle, the heartbeat rate can be measured as well.
The monitored signal bounces in time with the heart beat because the blood vessels expand and contract with the heartbeat. Some monitors also measure heart rate.