When checking for over- or under exposure in
PS, you can call up the Levels either as layer or as adjustment and do the following:
Hold the Alt-key while either grabbing the rightmost (white) triangle slider and moving it to the left, or grabbing the leftmost (black) slider and moving it to the right. This will invoke a 2 bit image(either white or black, showing the thresholds).
While holding the Alt key:
What you will see if overexposure is present, is an area of white-outs as you touch the rightmost slider and begin to move it left. Conversely, if underexposure is present, you will see an area of black-outs as you touch the leftmost slider and begin to move it right.
While holding the Alt key:
If properly exposed, and either moving the leftmost slider(shadows) right or moving the rightmost slider(highlights) left, you will see a threshold of either blacks or whites respectively cutting in, indicating the setting of the minimum(shadows) or maximum(highlights) levels adjustment before clipping shadows or highlights. For properly exposed images, this can be a method of maximizing the histogram, ensuring a good rendition of blacks and whites without black blocking or white blowouts, by not allowing either.