Almost
Most red dots allow the brightness to be changed in several steps, mainly to allow the dot to show up clearly under different lighting conditions.
"OPEN" refers to a glass plate out in the open as opposed to a tube with the reticule inside it, a bit like a regular telescopic sight tube. The 4 reticules are usually 4 different patterns of projected image. Depending on who makes them the choices vary. I have one that is a dot (
.), a "T" shape(
T), an upside down "V" (
^) or a dot over the inverted V. (sorry I have no way of faking that last one for you.
What's the advantage? Mostly personal preference. I like the dot over a V because it grabs my attention faster than just a dot, but has the accuracy of a dot. It also lets me have 2 sighted in distances, one for the dot, another for the tip of the "V".
Here's my open 4-reticule sight. It is actually a holosight, not a red dot, but it's close enough to illustrate the point. It is big, there are many others much smaller.
& this is what it looks like with the dot over a ^ in use. The blur is a camera effect only. You use it with both eyes open, but the camera can't do that only having one lens. Holographic sights make the lit up part look as though it is out beyond the end of the gun & sight just floating in space, but you can't see that with a camera either.