Apple Final Cut Pro 7 - Manual (Page 869)

To turn off clipping indicators during playback
µ
Click the clipping indicators in the Master audio meters or floating audio meters.
Red clipping
indicator
Floating Audio Meters
The floating audio meters display the output levels of the Viewer or Timeline with a
simplified stereo display. If you’ve set up more than two audio outputs in the Audio
Outputs tab of the Sequence Settings window, the floating audio meters display the
highest levels of any audio outputs in either the right or left channel. The highest level
of any odd-numbered audio channel is displayed in the left meter, and the highest level
of any even-numbered audio channel is displayed in the right meter.
869 Chapter 54 Evaluating Levels with Audio Meters