When a track in Reaper is armed for recording, its meter automatically switches to show you the raw input level that is being recorded. This is after the InputFX, but before all insert (“normal”) FX and the Pan/volume. It shows exactly what’s going “to tape”. This is a bit of an issue in live situations where you’re recording while mixing because there’s no way to make it show you what’s actually going out without some sort of workaround. I end up with “recording tracks” which send to “mix tracks” that show their post-fader levels.