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In RM mode the signal of Oscillator 1 is Amplitude/Ring modulated, or in other words mulplied with the signal of a Oscillator 2.
Notice that the OSC Mix is fully set to OSC1 (see screen shot), which means OSC2 is not directly audible (it’s only used to modulate OSC1).
Controls the depth/amount of the Amplitude/Ring Modulation (OSC2 > OSC1). With values below 50 you get Amplitude Modulation and with values above 50 you get Ring Modulation (in fact it’s a smooth transition between AM and RM).
The main difference between Amplitude Modulation and Ring Modulation that in case of Amplitude Modulation the modulator signal (in our case OSC2) is unipolar (0..1), while in Ring Modulation the modulator signal is bipolar (-1..+1).
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