Under WOT the gauge should read one to three notches into the green LEDs. Under normal driving the gauge will bounce back and forth between red (lean) and green (rich). It's no big deal really, it's just the gauge. A true air/fuel ratio gauge would read the outputs all the time (or very close to it) while our gauge (autometer) takes a reading then pauses, takes a reading then pauses, etc.
I think the true air/fuel gauges are a little more expensive than the autometers.
The nice thing is that under WOT you can get an idea of whether or not you are running lean/stoich/rich.
Hope this helps,
E
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1991 5.0 LX Coupe - 38,000 miles
13.17 @ 106.14 mph w/ 2.138 60'
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