Waves Dynamics Processor MV2 - Manual (Page 4)

1.3 Concepts and Terminology
Low Level Compressor
Low Level Compression can be explained in simple terms as the opposite of
standard or high level compression. In a standard compression setting, any signal
above the set threshold gets compressed and attenuated.
With the MV2 Low Level Compression function, any signal below the set threshold
gets compressed upward, resulting in increased gain. The dynamic range is thus
compressed, pushing low levels up while leaving high levels as they were.
High Level Compressor
The MV2 High Level Compression function is comprised of compression with
automatic makeup gain and output level control.
The Compressor function is similar to that of Waves Renaissance Vox. The compressor
is controlled by the Threshold fader, which sets the amount of desired dynamic range
compression. An automatic gain makeup function compensates for gain reduction
resulting from the applied compression.
Dither
MV2 automatically applies dither, which compensates for digital quantization errors.
MV2 User Manual 4