Hey I am glad you got it working!
So yes, if the ADC is not plugged to anything it may behave as an antenna and catch some electrical noise.
The orange led means it is waiting for the trigger, that is correct.
The wikipedia will explain what that is much better that me so here is the link:
As a quick thing, if you set it to 0 it will work in continuous mode.
I hope this helps! Congrats for getting it it working! :-)
Raul