If you click on the Properties tab and look at the Expressions you can look at what is in the Status Expression. It is calling a function called CheckLimits. According to the CheckLimits function int he TestStand help:
CheckLimits(value, high, low, comparisonType, <DoNotCopyToResults>)
Returns Passed when the value is within the limits. Otherwise, returns Failed. You can compare all data type representations TestStand supports when all the parameters of this function are the same representation.
Hope this helps,