Change DiodeOnColor based on boolean value

I think it would be super cool to change the color of the DiodeOnColor based on some booleans. These bools are already part of the Views Params. I am just struggling to figure out what binding type to use, and if it should be expression, how such an expression should be written.

Thanks in advance!

Use an expression. The syntax would be something like,

{view.params.ALARM.ALM1}
|| {view.params.ALARM.ALM2}
|| {view.params.ALARM.ALM3}

You can drag and drop them into the expression editor.

See the Expression Language Operators:

Be careful using the LED indicator. It's hard to read way out of date - think 1970s - although the black LEDs in your screengrab have a post-modern look about them. Use a label instead where the typeface will be much more legible.