The meters on the P9 measure analogue ‘peaks’ with similar time constants to the BBC PPM specification.
When the top red LED lights that is an indication that the audio is 6dB below FS (clip)
The audio level at the main line output is as indicated on the LED meter. This is usually a little on the hot side for modern digital systems so I tend to work with the output attenuators switched to -4dB
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