Lambda is the ratio of the engine's current AFR to the ideal stoichiometric AFR (14.7 for gasoline). Tuners use it because it doesn't vary with fuel (diesel, E85, etc.) - you'll always know what 1.0 lambda means. Less than 1.0 is rich, greater than 1.0 is lean.
15.3/14.7 = Lambda of 1.04
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