Indicators are different formulas. You can select Indicators while adding a script in the screener. Screenshot below.
Time to time, we keep updating the formulas and they are released in incremental version number. A higher number means the latest version. The name given to version is just for easy remembering
It is recommended to use the latest indicator version. In the above screenshots, the highest version ( currently v3) is considered as the latest and the lowest version ( currently v1 ) is considered as the oldest.
Sometimes it happens that clients get a good grip in a particular version. If this is the case client can use the old version also in which he has a good grip. This is the reason we provide access to all versions and give freedom to the client to choose the version he/she likes.