I keep mine on actual AFR. I know Lambda, but I like seeing the AFR reading.
LAMBDA RANGE:
(.050 to .249V)LEAN RANGE
(.250 to .749V)STOICHIOMETRIC RANGE
(.750 to 1.000V)RICH RANGE
Stoichiometric, or Stoich for short, is when a gasoline engine is in an operating range where most of the oxygen in the O2/Gas mix is burned off. Since it's not a perfect world, there is always some O2 left for the O2 sensors to read. If there is a lot of O2 left, the O2 sensors will read below .450 volts (Lean condition) and cause the PCM to add fuel. If the O2 left over is too little, the Lambda value, or voltage, will read above .750 (Rich condition) and the PCM will command less fuel. This is on an N/A vehicle. All these numbers change when you go F/I.
But when we are reading AFR numbers, you want the new 5.0L to see 11.8-12.3 at WOT, it will jump around in the 14's at idle and when cruising, it will jump around from 13.x to 14.7. The PCM will try its best to keep the AFR at 14.7, which is the "perfect" mixture of air and fuel....14.7:1....but like I said, it's not a perfect world. What you really want to pay attention to when you have an aftermarket intake and tune is the WOT AFR and Timing numbers. Again, this is on an N/A vehicle. All these numbers change when you go F/I.