This is an original hero metal Ghost Trap prop created for the production of the first Ghostbusters film. It is entirely made from scratch for the film.
For the second film, the hero traps were reconditioned. They were repainted, and the orange bars on the side were modified to be raw aluminum colored. This is the easiest way of identifying the difference.
This trap was never converted for use in the second film - it was used in the original only. A handful of new trap props were also created for the second film, which were slightly smaller (and lighter) than the first film traps, presumably due to actor complaints about the heft of the originals.
The cartridge is spring-loaded and ejects from this trap, and the doors open. The red light functions, and there are remnants of the electronics that originally operated the lightbar near the end of the trap.
This trap can be screen matched to the scene where Aykroyd puts it into the containment chamber. There is a distinctive grey marking (possibly from the removal of a decal) on the top of the prop which is easily seen on screen, and all other wear and attributes of the piece match exactly.