System Configuration : Preferences : Display Preferences : Meters Section

Meters Section
Peak Hold Options
These options determine how long the peak indicators on track meters stay lit after a peak is detected.
3 Seconds
When selected, track meters display the last peak level for three seconds.
Infinite
When selected, track meters display the last peak level until you click them to clear them.
None
When selected, track meters do not hold the peak level.
Clip Indication Options
These options determine how long the clip indicators on plug-in, send, and track meters stay lit after a clip is detected.
3 Second Clip Hold
When selected, meters display the last clip indication for three seconds.
Infinite Clip Hold
When selected, meters display the last clip indications until you click them to clear them.
No Clip Hold
When selected, meters do not hold the clip indication.
Show Meters in Sends View
When the Sends view is displaying individual send controls, you can select this option to show send level meters. Deselecting this option can help speed up screen redraws and processing.