Wow, that's a pretty cool program, I downloaded and ran an analysis of some of my loudest tracks, I analysed around 40 tracks in total and the Highest Reconstructed Peak Level was 2.6dBFS on a Greenday track, whereas all others were under 2.0dBFS and most under 1.5dBFS......therefore I think we should run at -2dBFS on the main Windows Volume Control to counter these effects, which equates to 87% Windows Volume.
Interestingly in relation to the Clipping Meter showing clipping in PEACE, I'm pretty sure that it is also taking into account Reconstructed Peaks above 0dBFS as the worst overall offender in terms of number of peaks above 0dBFS was indeed my Supermassive Black Hole track that was triggering clipping in PEACE, here you can see the screenshot in Orban showing that there is a massive 125417 peaks above 0dBFS which is around say a 100 times more peaks than a lot of other loud tracks, with the highest peak being 1.8dBFS - so that correlates with the fact I was seeing the most clipping in PEACE with this track:
View attachment 76400
Interestingly, you can see patterns in some albumns in terms of how they have been recorded that even some loud albumns don't have reconstructed peaks above 0dBFS, it's almost like the engineer did it this way on purpose to prevent them, for example this is a very loud track from Florence & The Machine and no peaks above, which is the pattern on pretty much all the tracks on that albumn:
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Yes, so in conclusion I think PEACE clipping meter is indeed showing valid clipping....it's taking into account the usual
Total EQ Curve as well as
Reconstructed Peaks above 0dBFS (aka intersample overs), so those 2 factors are being considered. To combat the Reconstructed Peaks I think the best strategy is to run -2dBFS in the main Windows Volume Control (which is 87% Windows Volume), and then you run an additional negative preamp on top of this to take into account your usual Total EQ Curve (the latter being the normal understood practice). So in my case I need -4.3dB negative preamp to account for my Total EQ Curve, and then I'll be running -2dBFS (87% Windows Volume) to account for Reconstructed Peaks, so that will be -6.3dB altogether.