Myron:
The oxygen content of water is easily measured by instruments like the oxygen meter shown here.  Once calibrated, the instrument provides a quick, reliable and sensitive digital readout of the oxygen content of water.
It’s important to take multiple measurements at different depths in a pond, at the beginning and end of a raceway and in other places in a production facility, including filters, to fully assess the health of the production system.

Mike:
Sustained low oxygen levels obviously lead to signs of hypoxia: gasping at the surface.  Supersaturation means levels of oxygen above the normal carrying capacity of water.  Such levels of oxygen if sustained over a long time may lead to gas bubbles in the blood stream and behind the eye, a condition known as “pop-eye”, but this condition is more often caused by water supersaturated with nitrogen gas, rather than oxygen.