Phoenix Audio Octopus - Manual (Page 13)

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When all the inputs are set the program will guide you to the
output level setup. You can choose between Line level
output and Mic level output. Use the slider to set the optimal
level. The definition of the Line level and Mic level (as they
appear in the spec sheet) apply to the slider position at the
maximum level.
You can record the output, playback the recording and save
it into a file. You can also listen to the output in real time
through the Monitor jack using a set of headphones. Note:
when the setting of the unit is finished the output of that unit
will keep being routed to the Monitor jack so that you can
simply listen to all the units one at a time. However, when
listening through the Monitor jack you will be hearing the
audio before it has been processed through the unit. To hear
what the processed audio sounds like (and what people on
the far-end will hear) make a recording and play it back.
The Output slider controls the output level of all the
different system’s outputs at the same time, including
USB, VC and telephone (when applicable). The output
levels can be controlled individually with the Audio
Setup Utility.