Hi sharke, thank you for having this screenshot.  
 
(apologies) not to hijack this thread; a couple of months back i mentioned that the FX Chain LED was not lighted... this is clear now.
 
also, i did noticed that at times when there is more than one effect in the FX Chain and with reference to sharke's screenshot, it makes it very difficult to tell which effect is clipping unless we examine the plugs themselves one at a time.  
 
the only way, i can get an exact clip read out is to place a simple VU Meter before and after the effect plug.

Yeah the FX Chain clip light has never worked. 
 
In this case, the only plugin in the FX Chain is Ohmicide, and it's output level is set very low. If it were clipping then it would certainly be the case that the Console Emulator light after it would be red. 

Not necessarily. It is possible that a plug can overload at the input sage, but not at the output stage. If,as you say, the output level is set very low, then the plug can overload without it certainly being the case that the next module would light red.

I frequently get one module in a chain lighting without subsequent ones lighting up.

In your screen set, are there any modules before the EQ?

If not, try lowering the input of Ohmcide. Or the input on the FX Chain module.

If that doesn't work, try lowering the track input gain. If it is a hot signal then it's possible that the 3.1 dB gain in the EQ Hi Mid is clipping the FX Chain, but not the CE if the signal is being lowered in Ohmcide.

@Geoff - a feature request is a good idea. I may put one in as well.

I submitted the request. Thanks everyone!