Hi,
The book says it should read 1.6V which is easily under the 3V which it maxes out on.
A common red LED (There are 3.something red types as well) will have a voltage drop of around 1.8V to 1.9V when 10..20mA is driven through it.
The tiny current used on the diode check range4 coupled with internal measuring method and wiring resistance makes it unable to register a drop below 3V - hence the "OL" reading.
The batteries in the multimeter are brand new. Electricity confuses the crap out of me.
It has got nothing to do with the batteries, but the diode check is for testing rectifier diodes, not Light Emitting Diodes.
Don't worry about the confusion, it's a lot of ground to cover and if you just learn a little bit each day, it will grow sorta exponentially, as the basis knowledge makes you understand the next steps better, making it possible to learn more etc. etc.