A fault indicator for indicating the occurrence of a fault in an electrical conductor has a plurality of trip settings, such as in the range of 50 A to 1200 A, that is automatically calibrated. The fault indicator includes a housing, a battery, an illuminated display, such as LEDs, a current sensor for sensing the load current in the conductor and a microcontroller that receives a current signal from the current sensor to determine the load current. In the calibration mode, a known load current is passed through the conductor, the microcontroller selects the trip level that is related to the load current, determines the load current from the current signal, and sequentially calibrates each of the plurality of trip levels for the respective known load currents. The calibration information is stored in memory. The illuminated display provides a distinctive pattern to indicate that each trip setting has been calibrated.