coil or of the coils of the antennae which induced voltage depends on the magnitude of the magnetic field a distance value of the conductor is derived from the antennae outputs in the arithmetic component 8 f the derivation may be for example simply an assignment of a distance value to the antennae outputs fig8 shows a working example for a display component 6 g of a localization system according to the invention the display component 6 g has a graphic display 6 g u2032 and is in the form of a display and control unit a multiplicity of leds as visual display means and a plurality of push button switches for selecting settings are formed on the graphic display 6 g u2032 here the push button switches comprise a u201c mute u201d push button switch 21 for silencing an acoustic alarm which is provided in addition to the visual alarm signals with a further push button switch 22 the localization system can be switched to u201c standby u201d or u201c active u201d leds 23 associated with the push button switches indicate which setting is active by lighting up two further leds 24 indicate the battery level of the arithmetic component 8 f and detector component 5 f and of the display 6 g u2032 the leds 25 in the upper region of the display 6 g u2032 are a visual display of distance information with regard to an underground object detected they are divided into three colour sections u2014 green yellow red if the green.