Signal on the I&O in WCH

Can anyone identify what this signal is for? Looks like a semaphore style light, but I have no clue about anything else with it...it works, apparently, as the light's on..the I&O's line to Springfield is to the left, the former CSX Midland sub is to the right. Wye is back to the left.

Also, on a side note, are there any other signals on the I&O? I know there's not a huge amount of traffic, but how do they control trains on this section of the line, aside from junctions with other/major railroads.?

That is a tilting target signal which controls the trackage at the diamond crossing.

Timetable special instructions give the information as to what the various positions of the target mean.

Horizontal is usually "Stop", and Diagonal and Vertical are permissive and give authority to proceed across the diamond.

The timetable special instructions give the specific meanings for each location.

Pretty nifty looking signal if you ask me, lol. Do the I&O operate any signals in the area? I took a look around town & couldn't see any as far as I could tell, aside from the one at the diamond...