The indication is 'Pressure Altitude'.
Apologies for a less than robust attempt at paraphrasing ICAO Annex 2 which actually states that an altimeter, when set to a pressure of 1013.2hPa,
"may be used to indicate flight levels".
To be strictly accurate, an altimeter with its sub scale set to 1013.2 would, according to the Annex 2 definition, only indicate pressure altitude in a standard atmosphere. How many nits do we wish to pick?