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The elevator sign can teleport trains up and down to another elevator sign. Note that it doesn't teleport to Elevator Blocks, as that is another system. You can set on the sign to what direction to teleport, as well as which number elevator to take.
Second line: elevator
up or down, optionally followed up by the number of elevator to take. For example, up 2 would take the second elevator above this one. Note that if there is no available elevator at that location, nothing happens.