A simple but useful feature of Live’s EQ 8 is the Gain control:

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It’s just a simple volume control, but it comes in handy for A/B-ing your EQ setups. If you’re making an EQ adjustment that raises or lowers the volume of a signal noticeably, you can cut or boost the gain a return the signal to the volume it was at before you applied the EQ.

If you’re not familiar with this process, give it a try. After making your EQ settings, turn off the EQ completely…

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…and listen for a gain change. Take a guess at how much you need to adjust the Gain control, then turn the EQ on and off again. Repeat until you the volume sounds the same whether or not the EQ is on. Now you can A/B the signal with and without the EQ while listening to the entire mix and get a real sense of what the EQ is (or isn’t doing).