This video shows a transistor tester I put together based on the circuit available here, and also here. The version I made retained the switch to the base connection for the transistor under test from the first link and also included the diodes from the second link. I also changed some of the resistor values based on what I had available.
What appeals to me about this circuit is its simplicity and its ability to discriminate between NPN and PNP transistors. The circuit uses a multivibrator to create an alternating voltage source. This source is fed to two LEDs connected in opposite directions - so that each is lit only when the voltage is in the appropriate direction for that LED. As the capacitor values in the multivibrator are quite low, the AC generated is of high enough frequency that you cannot see the alternating nature of the LED lighting - but it is present nonetheless. Only one LED is lit at a time, the flash alternately at a high rate.
The transistor under test is connected across the pair of LEDs, and it is biased by the 1k resistor so that it will be turned on for only one of one phase of the AC cycle. NPN transistor transistors are only turned on when when the right hand side of the LED pair is positive and PNP transistors only when the right hand side of the LED pair is negative. When the transistor is turned on, it stops the LED with the same orientation as the transistor under test from lighting. Hence, a good transistor will result in one LED turning off, and depending on which transistor is turned off, the nature of that transistor (NPN or PNP) can be discerned.
The 4 diodes in the collector connection for the transistor under test mean that there will always be two diodes, dropping 1.2 volts, before the transistor under test is reached. This means that the transistor itself must drop less than 0.6 volts to turn off its LED indicator diode. If the 4 diodes were not present, a transistor which was not functioning as a transistor but just as a diode would appear to be a functioning transistor in the tester.
Here is how the astable multivibrator works:
And here is the circuit diagram.
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