o2 sensor
compares outside oxygen with unburnt oxygen in exhaust manifolt
it generates a voltage corresponding to unburnt oxygen
higher voltage means rich mixture
typically this voltage is between 0.1 to 0.9v
the values work in open and closed loop as per car rpm and coolant temperature
usually in idle the values oscillate
apparently ur graph is correct .. but if u have a 3-4 wire o2 sensor then it has a heating coil which starts the o2 sensor and its resistance will tell u if o2 sensor is working or dead
hope its clear now