I have a finished stereo mix and I'm sending it to the Master bus which has a limiter in it. I'm trying to get a finished mix volume. 
 
The limiter can show a level of -7 when the Master bus is already in the red. That's what I don't understand, one set of meters can't be right.
 
I've tried a two or three limiters and it's the same each time, the Master is in the red sometimes before the limiter is showing any compression at all. What's the explanation?
 
Thanks - rev

Be sure that the limiter is the last plugin in the chain. If using CL in the Prochannel make sure PC is set to post FX bin. 

John:
 
Thanks. In this case it's the only plug in the chain, but I see no way to set Pre or Post. How do you do that?

Right click on a module's title bar and select post FX bin. 

+1

Also, make sure that the volume of the Master bus is set to 0dB. The volume is post FX (both FX bin and PC). If it's higher than 0dB (or lower, for that matter, but this would not cause it to go in the red), what you see in the plugin will not be consistent with what you see on the bus meter.