closed loop means that the electrical circuit is completed, so voltage can fluctuate up and down. it means that the cycle can complete itself to ground.
open lop means that the electrical circuit is INcomplete and there is a break in it. the voltage cant fluctuate and has no path to ground in order to complete itself.
in a linear mode, close loop will show voltage readings fluctuating up and down. in a graph mode, closed loop will show up as a sin wave as the voltage goes up and down as time progresses.
in linear mod, open loop will show as a constant voltage and will not fluctuate up and down. when in graph mode, open loop will show as a constant line above the x-axis and will not drop down.