Jeep, I started using the Otto controller 13 years ago. The red light is an indicator that tells you when your heater is heating, like the pilot light on all heaters. If your red light is on continuously until you manually reduce the temperature on the controller, then it seems your heater is struggling to attain or maintain the higher temp that you have set on the controller. I don't understand what you mean by a "lack of a true power indicator." The controller does what its supposed to do, control the operation of your heater to maintain a stable temperature.
Connie