The Output Level Meter in the Tube applet shows the smoothed post-saturation peak level of your audio signal. Use it to confirm that the Tube stage is not clipping its output and to judge how much headroom remains after drive and output gain are applied.
The meter ballistics match those of the EQ Output Fader meter, so the visual feel is consistent if you use both applets side by side.
If the bar stays red during normal speech peaks, reduce the Output knob (range β24 dB to +12 dB, default 0.0 dB) or reduce the Drive knob (range 0 dB to 24 dB, default 0.0 dB) until amber or lower is typical for your signal peaks.
The slow-release ballistics (alpha = 0.08) mean the bar descends gradually after a peak, making it easier to catch transient overloads visually.