The LED behind one half of the knife edge acts as a slit. The light is cut once on the way out and the second time on the return trip. This has become the most popular type of tester. A "Slitless" tester. A pinhole is used by some for various reasons, but it will work with or without. Mine is just a green LED half covered by the knife edge.
-------------------- Clear Skies and Good Health, Mitchell.
ATM:
4.5" F/3.75 ~ 6" F/6.5 ~ 8" F/8.25 (Polishing) ~ 10" F/4.8