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While activated, it will only show the UI if there is something discoverable in range, but it can be manually turned off. To do this you will have to assign a hotkey in the ingame Options under "Controls -> Game -> Targeting -> Toggle LFL Mode".
The LFL will pick anything sector wide, then at 20km will show the middle level as filled and at 5km it will fill the top level. Once closer than 1500m, the discovery triggers and the object is considered discovered. Discovery points are then rewarded and added to the total and current pool.