OK, I’ve been doing some research on this and the ritual above is pretty much the consensus of the various sources I have found. 200 mV seems to be the upper limit for HOAT/OAT coolants.
But the definitive test is a pH test. The pH needs to be between 6.5 and 9.0. Outside of that range and you have ZERO protection. Also the article above shows putting the + (red) lead into the coolant, that results in a Negative voltage. Most people use an auto-ranging multimeter these days so which lead you use really doesn’t matter but if you have an analog meter, put the + lead on the negative battery post or ground and the - (black) lead into he coolant. BTW, in one test on a Silverado, the DEXCOL tested well above 9.0 but the voltage test was 0.350 (350 mV) so I think the 400 mV limit maybe outdated for modern coolants.
It also doesn’t matter if the engine is hot or cold or if it is on or not. It is probably best done engine off so you are less likely to get a false reading from a poor ground. I’d check on and off because if you have a poor ground, it can cause electrolysis to occur even if the coolant is good.
I tested two vehicles this weekend, my daughters 2014 Camry (90k) and my 2014 Subaru (114k). Both have the factory fill, never been changed. In the Camry’s owners maintenance and warranty booklet, there is no interval for changing the coolant, out to 12 years or 144k miles, but it called for the coolant to be checked every 30k. It does not define “check”. The Subaru interval is 11 years or 110k miles.
Both were ever so slightly cloudy, like one drop of milk in a gallon of premix. Normally this meant start making plans for a coolant change. The voltage test kinda surprised me though. The Camry tested at 170mV (0.17V) which is OK for now. The Subaru tested at 200mV (0.2V) which is a little. more concerning. BTW, I tested it at operating temp with the engine on and with it off, the results were consistent. I tested the Subaru cold. I’m going to test it hot just to see if that makes a difference.
Anyway, I feel this confirms my cloudiness theory as a method of inspecting coolant, but my standards will be a little more stringent from now on. I’m going to be replacing the coolant in both vehicles this fall when the weather is a little cooler.
Edit: Tested the Subaru hot and got around 180mV (0.18V) so it appears that temp may make a small difference. Next test will be this fall when I change the coolants in each vehicle and see what fresh coolant measures.
One more edit: tested the 07 Silverado, 242k miles. Last coolant change with Prestone Dexcool was 6/18 @ 210k miles. Cold test 250mV (0.25V). Umm, grounds looked a little corroded so I think I will clean them up and test again, later. BTW, I suspect that this was a Super Storm Sandy salvage that was not disclosed when I bought it because of the amount of surface corrosion on all the aluminum parts. No body rust though.