When your car is running in closed-loop mode, where the ECU is fine tuning the fuel mixture based on the oxygen (O2) sensor reading, it's voltage will rapidly change back and forth between about 0.1 to 0.8 volts (give or take). Why? Please see the link below for a little oxygen sensor 101...
http://www.aa1car.com/library/o2sensor.htm
(It's amazing what you can find on the internet if you take a second to look)
The times when your car is operating in closed-loop depends somewhat on who made your chip, but generally it would be at the following times:
1. When the car is cruising at constant speed or slowly accelerating, only after the car is "warmed up" (i.e. after the coolant temperature reaches a certain value, usually in the neighborhood of 120F or so, depending on who made the chip).
2. When the car is idling in Park or Drive, only after the car is "warmed up". Exception: some chips have a feature that idles the car in open loop to help smooth it out. If open-loop idle is enabled, you will see your O2 sensor voltage reading stabilize at a "rich" value (like 0.70 or something).
The times when your car is operating in open-loop, meaning it is NOT using the O2 sensor to tune fuel, are as follows:
3. When you are accelerating quickly, in other words, when you are in power enrichment (PE) mode. Any time you see any significant boost on your boost gage, you are in PE mode.
4. When the car is cold (coolant temperature is below about 120F or so, depending on who made the chip).
5. When the car is idling, only if the chip maker uses an open-loop idle control.
In all of the above cases "3." through "5.", the car is tuned to run rich, so the O2 sensor readings should be above 0.5 volts. The most important case is "3." above. One can very roughly estimate A/F ratio based on how high the O2 sensor reading goes while under boost. Keeping the O2 readings above 0.8 volts (800 millivolts) is a rough way to tell that you are running very rich (11.5 to 1 or lower A/F ratio), which is safe while under boost. As pointed out by others, this is not dead-set accurate. For example, when I'm making a 1/4 mile run, my O2 sensor reading starts at about 820 millivolts, and as I'm getting close to the finish line and the sensor is hotter, it gets down to about 780 millivolts. During my whole run, the A/F ratio is locked and doesn't change. So, using your O2 sensor to tune is more of a guideline, not a hard measurement. Always remember that an O2 sensor is more of a "switch", meaning that it "switches" from low voltage (0.15 or so) to high voltage (0.75 or so) when the A/F mixture switches from lean of 14.7 to rich of 14.7. So, it's a great tool for seeing if you are running very slightly rich or lean of 14.7 to 1 (stoichiometric), but it's not very good at telling you anything else.
Hope this helps...