I am a new Reference 4 user. I have about a -4.5db level drop on the master output when I turn on Reference 4. I have set the calibration for my particular headphones (ATH M50X) as instructed.
I see that in the Before and Simulated curves there are some pretty big peaks that are being cut to reach the Target. Is this why my level drops so much?
I am concerned that when I bounce my mix down, it will be too loud with Reference 4 turned off (as instructed). Also, if I am mixing/mastering with Reference 4 turned on, won't my mix sound much different when bounced without the Reference 4 correction?
Please explain as it seems like I am not understanding something.