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What does this $ \lambda $ symbol indicate?

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Hint :Lambda is the Greek alphabet's 11th letter. In Gematria, it represents the number 30. The letter lambda is derived from the Phoenician letter lamed, which means "goad." The letter stands for the sound "l."

Complete Step By Step Answer:
The difference between the corresponding points of two consecutive waves is known as the wavelength. Two points or particles in the same phase—that is, points that have completed equal fractions of their periodic motion—are referred to as "corresponding points."
Wavelength is usually determined from crest to crest or trough to trough in transverse waves, and from compression to compression or rarefaction to rarefaction in longitudinal waves. This wavelength is denoted by the Greek letter $ \lambda $ .
Wavelength depends on the wave speed and the frequency of the wave. The formula to calculate wavelength is :
 $ \lambda = \dfrac{v}{f} $
Where $ v $ is the wave speed and $ f $ is the frequency.
The rate at which a wave travels through its propagation medium is referred to as wave speed. The propagation medium determines the wave intensity. The number of wave cycles that travel through a point in a given amount of time. It is the wave's number of oscillations per second. A shorter wavelength equals a higher frequency, and a shorter wavelength equals a higher frequency.

Note :
$\lambda$ symbol is also used in chemistry, maths and various other subjects. In crystal optics, an uppercase lambda represents the time of a lattice. In cosmology, this symbol also represents the cosmological constant. Uppercase and lowercase lambda are used in a variety of fields, including neurobiology, criminology, electrochemistry, ecology, electronics engineering, astronomy, solid-state electronics, politics, and astrophysics.