I didn't think it moved, but I poked at it again just now and it actual does move with the kollsman window (in my defense I sit in the back seat and can barely see any of the flight instruments let alone turn the knob). I thought the triangle to the right was just indicating where to read the kollsman setting. But it moves too. Just a weird coincidence that it happened to be lined up there when I looked at it.
I think it indicating value to add/subtract to get the pressure altitude is correct. Thanks folks.