Are you allowed to use a microcontroller/Arduino? If yes, you can follow this design. Even if no, you can still get an idea from here:
Step 1: Basic PrincipleHow An Oximeter works?Basically Oximeter calculates the percentage oxygen saturation in the blood on basis of amount of different light absorb in it. Oximeter has One photodiode...
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This design is based on photo diode and IR LED. A Red LED is also there. Basically Oximeter calculates the percentage oxygen saturation in the blood on basis of amount of different light absorb in it. Oximeter has One photodiode and two LEDs one is Red LED & another one is InfraRed LED, both LEDs are switched one by one on a certain frequency.