there is a port on w124, also depends on what year it is, but not much useful information can be gained, and AFAIK you need to plug it into a star machine
As jpskiller says there is a diagnostic port on the w124 that can be used to read fault codes. This can be done with quite simple set up you can build yourself. Details here 1/2 way into the article. http://www.k6jrf.com/MB_X11.html there are also posts on here if you search for them. Many faults can be diagnosed with the use of an accurate DIGITAL VOLTMETER. The problem is that altho the w124 has some digital electronics it doesn't have a digital bus system so the fault codes do need more interpretation and knowledge of the systems involved.
You are totally "out of tune" with that generation of Merc car by stating that, and as far as I am concerned you have lost all credibilty.
That is precisely all that is needed for that generation of car, along with the list of RELEVANT codes for the HFM and other early Merc systems.
There is a full Mercedes diagnostics testing approach using a break out box and various workshop tools such as fuel pressures gauges, oscilloscope etc BUT the initial tool to reveal the diagnostic trouble code just needs to be a simple led device and the correct table (which vary depending on whether HFM or earlier Bosch KE5 2-Jetronic/EZL ignition (which is more limited).
The system is very accurate and dependable (which means the revealed codes can be relied on and not spurious (like many that occur on later systems particularily with othert marques).
to the OP - which model W124 are we talking about?
For the HFM cars, my old post #4 here http://www.mbclub.co.uk/forums/showthread.php?t=29373 might help. I still use the tester now before and after each service etc (even though my Coupe hardly does any miles these days).