You are right, in one respect, it is the measurement of the strength of your nutes, ec and ppm's are the same, just some meters measure in ec others in ppm's, I believe it measures the conductivity of the solution, but don't take my word for it, what's important is it measure the strength of your nutes.
I use this chart as a starting point and adjust as needed, bare in mind some strains can take higher doses than others, your plant wil tell you, just keep an eye on them, I've taken the liberty of converting to ec in case yours reads ec rather than ppm's, hope this helps.
PPM for Hanna Chart PPM
Seedlings, Early Sprouts ........100 to 250 = .2 to .5 EC
Early Vegging ......................300 to 400 = .6 to .8 EC
Full Vegetation ....................450 to 700 = .9 to 1.4 EC
Early Blooming ....................750 to 950 = 1.5 to 1.9 EC
Full Mature Blooms ..............1000 to 1600 = 2 to 3.2 EC