Since the Source-Nexus Mute-On plugin supports mono, stereo, and surround sound, you will see that the peak hold indicators appear as single lines on each of the channels next to the level meter, which will allow you to have a clear view of the highest levels caught by Source-Nexus Mute-On throughout your mix. 

These will help guide you set the fader depending on your needs. For example, if the peak hold indicators consistently stay closer to the bottom of your level meters (not above 60-80dB), you will probably need to turn the fader up to help you during your mix review session. 

Clipping, on the other hand, indicates that the level of audio being played through the channel strip has surpassed the level that digital audio can handle. If the level meter moves into the orange or red areas of the meter, you are likely to experience sound distortions and a lower quality for your signal. The picture below, for example, shows that the plugin’s input clipped at some point (since it reached the highest possible dB level), but has since returned to normal. 

When you see the clipping indicator on, adjust the fader as needed. Once you’re ready to continue, click the indicator to remove the clipping indicator. Be aware that the indicator might appear again if there is any additional clipping.