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An op-amp AM modulation monitor using the rectified AC of the incoming signal.
A full wave bridge rectifier followed by a pair of op-amps for detecting DC departures from the un-modulated carrier level.
Hypothesis: A DC reference is set by rectifying the un-modulated carrier. Then 100% positive peak modulation would occur when the instantaneous DC value of the rectified wave is 2x Ref. And 100% negative peak modulation would occur when the instantaneous DC value of the rectified wave is zero volts.