Actually the mV vs % is correct. In theory a pH probe in a solution of 7.0 pH should produce exactly 0 volts. This displays how many mV (millivolts) the probe is actually producing, which is an error signal. If the pH probe is in good shape, this number will be close to 0 and will display in green. As the number gets further from 0 it will change to Yellow and then to Red.
When calibrating 10.0 or 4.0 the display shows the percentage of theoretical value that is being read. Again, a perfect probe will show 100% and that will be in green. As the numbers move away from 100% the number will be in yellow and then red.
When the numbers are red, it indicates a probe that is possibly defective or is getting close to end of life.
Just as a reminder, the 4.0 and 10.0 calibrations both depend on the 7.0 calibration, so it is always better to do it first.
Also there is no need to even to a 4.0 calibration unless you expect values lower than 7.0 (like for a saltwater tank).
Similarly, there is no need to do a 10.0 calibration unless you expect numbers higher than 7.0 (like for a reactor).