The Soft Clipper clips the peaks of the audio signal above 0 dB in a gradual way that sounds better then hard clipping. It can be used as a limiter or to warm up the sound.
Input Gain - The amount of gain applied to the input signal.
Amount - How soft the clipping is. It will hard clip when it's set to zero. The LED shows when it's hard clipping.
Output Gain - The amount of gain applied to the output signal.
Input Meter - Shows the input signal level. For stereo sounds it shows the loudest channel.
Vintage vacuum tube audio equipment soft clips loud sounds, where transistor audio equipment hard clips them.