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I want to know what the white waveform means (it's underlined using red colour in the pic attacthed). Can you tell me what it is called and which function it has?

check this pic

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I think it is only activated when the cursor is over a track that is displaying a waveform, and next to it, the sample value for that position of the mouse over the track.

For example, if you are working on some volume automation for a certain track, try hovering the mouse over that particular track to see how that white waveform icon disappears from the transport area.

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