Low and High. No strobe, you're right. But, I've been using it at work for the past week and it has been awesome! I won't be going back to my Fenix for work. Now, as far as biking is concerned, I see the value in a strobe mode (even SOS) for dawn/dusk road riding. I just think it's an excellent compromise light (ie, no strobe, but good output at a great price, using ubiquitous AA batteries).