Live’s Auto Pan device can be used not just for creating stereo effects, but also as a simple mono volume modulator. One use for this is rhythmically chopping up a signal. Try setting up Auto Pan like this:

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The key aspects of this setup are:

Phase is set to 0. At it’s default value of 180, the volume of left and right channels will alternate being turned up and down – this is what creates the panning effect. At 0, both channels are turned up and down at the same time so you end up with a simple volume control.

Amount and Shape are set to 100%. Shape is used to harden the curve of the LFO until it’s almost a square wave, and Amount cranked up means that the signal will alternate between it’s maximum volume, and being turned all the way off.

Rate is being set in beats instead of cycles per second (Hz):

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For live use, some great effects can be created by mapping the Rate control and manipulating it on the fly.