Apple Using WaveBurner Pro 1.0 (with Logic Pro) - Manual (Page 34)

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Level Meter
The Level Meter displays the volume level for both left and right channels of a stereo
signal. The Level Meter shows the current level on a logarithmic scale using two blue
bars. If the level is higher than 0 dB, the portion of the bar above the 0 dB point turns
red. Above the level meter, the current peak values are displayed in dB numerically. You
reset the values by clicking in the graphic display.
While the separate Level Meter plug-in can display peaks using either Peak or RMS, the
Level Meter section of the MultiMeter shows Peak and RMS values simultaneously. The
RMS level is represented by a dark blue bar while the peak level has a light blue color.
Correlation Meter
The Correlation meter displays the phase relationship of a stereo signal. A correlation of
+1 (plus one, the far right position) means that the left and right channels “correlate”
100% (that is, they are completely in phase). A correlation of 0 (zero, the center position)
indicates the widest permissible left/right divergence, often audible as an extremely wide
stereo effect. Correlation values less than zero indicate that out-of-phase material is
present, which can lead to phase cancellations if the stereo signal is combined into a
monaural signal.