I wired up the E1 and O1 buttons to test the modulation matrix. When I hit them, the LEDs go crazy and start animating up and down. Is this correct? Thanks.
This could be meter mode, quote from V2 manual (same applies to V1)
Alternatively the LED matrix can be used for metering the output values of the modulation pathes. This mode can be selected by pressing two mod target buttons the same time (e.g. O1 and O2 pitch).