I think I'm going to keep my master bus meter below 0db. At the most 1db. Does that sound reasonable?
Yes. If you analyze commercial CDs you'll find that peak levels can be anywhere from -12db to -0.0db, with the bulk of pop 'n rock records around -0.1 to -0.3db. If you send your music out for professional mastering it'll likely come back pushed right up to -0.1db. But -1.0db is a more realistic (and safer) practical target for us amateur MEs.
It is important to note that the subjective loudness of the recording has little to do with peak levels, but rather average levels. You use a limiter to make sure peaks don't exceed a specified target (e.g. -1.0db) and then start increasing the volume going in to the limiter. This raises the
apparent volume of the music, at the expense of the crest factor (the ratio of average to peak levels).
Go too far, and the music starts to sound dull and lifeless and lacks clarity and punch. Don't go far enough and the record sounds quiet compared to commercial releases. Mastering is a compromise between those extremes. Which way you lean depends on the genre and your own personal taste and style.
It's a huge topic, but here's a quick recipe - not necessarily the final word but just one way to get it done:
Insert an instance of Voxengo SPAN on your master bus as the last plugin in the chain, after the limiter. Set it to Mastering mode and select K-14 metering. Set your limiter's brickwall limit to -1.0db.
Start by selecting a section of your song that represents the average volume of the song (e.g. a verse, not an intro, fadeout, or a big chorus) and play it back from there. Adjust the limiter's Input slider until SPAN's output meter is bouncing around the 0db mark. (If your limiter does not have an input slider, use the master bus Trim/Gain slider.)
Next, select the
loudest passage in your song and play that back. Watch the meters, and if it jumps above +6db for more than an instant, pull back the limiter's Input slider until the song mostly stays between 0 and 6db.
That's it. This procedure will get you in the ballpark, and you'll have commercial volume without sacrificing too much clarity and dynamics. If your musical style wants to be louder, switch to the K-12 scale and follow the same procedure. If your musical style is, say, acoustic bluegrass or a chamber orchestra, go down to the K-20 scale. If your musical style is EDM or rap, well, feel free to ignore all of the above advice.