**VO2 max** is a measure of how much Oxygen your blood can absorb, carry to your muscles, and release. The higher the VO2 max, the more exercise you can perform before shifting to anaerobic energy production (without Oxygen). Anaerobic energy production produces lactic acid, which causes muscle pain and leads to performance degradation.
VO2 max really needs to be measured with an Oxygen mask during exercise. Some exercise machines use known load and heart rate as a measurement tool, but I would doubt their accuracy.
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