TokenLock has several diferent status icons it can display in the menu bar. Below are the explanations for them:
TokenLock is trying to connect toy our BlueTooth device to check that it is available.
Tokenlock displays a signal meter bar when range checking is on. To allow this your device must be paired with your Mac.
When TokenLock can not find your Bluetooth device, it first displays a warning and changes it's icon to yellow to alert you that it can not detect your device.
When tokenlock has checked multiple times and has not found your Bluetooth device, it changes the icon to Red. You won't see this often, since your Mac will be locked!