One primary. Two opposed secondaries.
An AC-excited primary couples magnetic flux through a movable core into two secondary coils. Around electrical null, their differential output changes with displacement. The AC phase encodes direction; a compatible demodulator produces a signed position signal.
Vout ∝ VS1 − VS2
This is an idealized relationship within the specified linear measuring range. Actual scaling depends on excitation, coil sensitivity, phase, load and electronics. Reversing connections can reverse the sign.
A DC-LVDT includes excitation and demodulation electronics. It still uses a transformer internally; its external supply and conditioned output are DC or digital.