Mixing : Plug-In and Hardware Inserts : The Plug-In Window : Additional Plug-In Controls in the Plug-In Window

Additional Plug-In Controls in the Plug-In Window
Effect Bypass Button
Disables the currently displayed plug-in. This lets you compare the track with and without the effect.
Convert Plug-In Selector
Lets you convert the insert from a DSP plug-in to a Native plug-in of the same type (or vice-versa). This feature can only be used on plug-ins that are available in both DSP (AAX or TDM) and Native (AAX or RTAS) formats.
Clip LED
Lights red to indicate if any meter in a plug-in has clipped (not available on all plug-ins). The Plug-In Clip LED follows Pro Tools settings for clip indication.
Target Button
When multiple Plug-In windows are open, clicking this button selects that plug-in as the target for any computer keyboard commands. For more information, see Targeted Windows.