Closed loop and Lambda are essentially the same thing. Your meter might change, but you do NOT have Lambda until you see the meter oscillating (sp?).
Lambda is essentially the mixture changing in response to the O2 sensor; The sensor reads lean, the mixture drives rich, then the O2 sensor reads rich, so the mixture drives lean. THAT is Lambda and you ain't got it (yet).
It is a rather old fashioned system (although way advanced compared to a carburetor!).
Today what the mixture SHOULD be is guesstimated (OK, calculated) and the O2 sensor verifies that it is correct.

Gilly

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