Set ISO 125, 1/125 shutter, and meter a clear blue sky, and the reading should be 'about f/16'...the birghtness of the sunny sky DOES vary from the sunny 16 rule of thumb! If that result is not what you get, the meter is malfunctioning.. The issue might be that the potentiometer (whose value changes with aperture/shutter) could have some oxidation on its surface. You might try changing shutter & aperture rings rapidly back and forth a number of times to get some of the oxidation off the metal surfaces to restore proper resistance values from the potentiometer.
Donald I have a beautiful black FT2 with he same issue. I very seriously doubt it's the photocell since the failure rate of Cds cells is practically nill. I also not think it's a faulty resistor ring (like the Nikon F2 meters). I'm afraid an internal solder joint or something or another is causing a higher resistance in the metering circuit.
Do what Wiltw said. I think your indoor lighting is too dark and the meter does that to tell you that the light is lower than its measuring range.
Not certain, but the FT2 could use a circuit that employs behavior like the Wheatstone Bridge circuit, which is not dependent upon a specific Voltage from the battery that powers the circuit. And it is possible that higher-the-expected resistance in one potentiometer could lead to the need for higher resistance values from one (or even more than one of the other pots) to balance, leading to a false reading. Ergo, try to sweep the pots from one extreme to the other rapidly multiple times, to break down any surface oxidation of the metal surfaces of the potentiometer.
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