A direct-read meter capable of eliminating magnetic interference of adjacent rotating wheels, comprising N coaxial rotating wheel permanent magnets and corresponding magnetic angle sensors, a sampling element, a storage element, and a computation element. The magnetic angle sensors sense a linear superposition of the magnetic field from the intended permanent magnet rotating wheel and the interfering magnetic fields from the other rotating wheel permanent magnets. The sampling element samples the output signals of the N magnetic angle sensors to form a N*1 raw signal matrix [V/Vp]k(i)raw. The storage element stores an N*N correction matrix [Cij]; and the computation element computes the correction signal matrix [V/Vp]kcorr(i)=[V/Vp]k(i)raw−sum{C(i, j)*[V/Vp]k(j)raw}, thus eliminating the interfering magnetic field and permitting calculation of the rotation angle of the rotating wheel permanent magnets. This direct-read meter has the advantages of simple calculation, high precision, and elimination of the need for magnetic shielding.