A piece of equipment used to track ghosts and give readings of Psycho Kinetic Energy (PKE). The PKE Meter is what helped Egon to develop the theory of catching ghosts. It has antennas with lights that raise up and down tracing the level of Psycho Kinetic Energy.
This prop was used in
They Live (1988)
After Nada (Roddy Piper) and Frank (Keith David) go through a portal created by one of the alien's wristwatches, they spy two aliens who are using the PKE Meter as a walkie-talkie. Later, after the newsroom breaks out in chaos, a few more aliens use the meters as communications devices. More images found on the Ghostbusters Wiki. (Frame grabs from Blu-ray done by me, Paul Rudoff.)
BUY - Blu-ray, DVD, DVD 4-Movie Midnight Marathon Pack, DVD John Carpenter 4-Film Collection. The DVD released by Universal Studios includes the movie and nothing else, so if you have a Blu-ray player, get the Shout Factory 2012 Collector's Edition Blu-ray.
Suburban Commando (1991)
The PKE Meter is the device that Shep Ramsey (Hulk Hogan) uses to locate the alien spacecraft.