In Multitrack View in CEP, it's possible to activate recording level meters by right-clicking on the empty dB bar at the bottom of the screen, then clicking on 'Monitor Record Level'. This'll tell you how hot the signal is that's going to your hard disk. If it's going into the red section on the right, you're probably clipping. Adjust the level using your mixer. CEP volume doesn't control loudness when recording. It controls loudness during playback and mixing later on.