A portable, handheld, automatic protection level interpreting cathodic protection meter for testing the level of protection being afforded to metallic structures protected by either sacrificial anode or impressed current cathodic protection systems, or both. The meter is suitable over a variety of environments including salt water, freshwater, and soil. The operator can select both the type of metal to be tested as well as the type of reference electrode that is being used. The meter automatically calibrates data interpretation of the level of protection based on the operator's selections and eliminates any voltage drop error existing between a reference electrode and the structure being protected.