Diode and LED Tester
The simple Diode and LED Tester presented here costs under ยฃ5 to build (including all components, the battery and a cheap case) and will indicate the polarity of almost all types of LED and other diodes with no risk of damage. The average test current is about 5mA (10mA pulses), which is sufficient to illuminate the LED being tested.
   Diode and LED Tester
at web-ee.com