It measures what HeartMath calls coherence an algorithm applied to heart-rate variability, which the company says can reflect emotional states and stress levels.
If you're curious about your heart-rate variability and the other data that can be gleaned from it, I'd recommend the HeartMath Inner Balance for a comprehensive approach.
Over two decades of HeartMath research sets the foundation for this truly unique and effective approach to replacing old frazzled stress responses with a new level of personal balance and a deeper sense of ease and flow in the face of challenges.