do you want to mix your tracks in a way to be able to give it to a mastering afterwards... then watch the peak level not going over about at least -6db... to leave enough room to work with.
if you want to be on the level of what 'other people' put out, with your final product, then smash it to death with a limiter that it hits 0db spot on (meaning limiting at exact 0db), don't forget to squash so hard that the db meter not even flickers at all anymore...
ok, ok i am joking... but what do you want? i am really confused now!
however, if you need to watch clipping, Peak is the one to read, Tone Deft is right.
EDIT: if you don't trust Abletons meter on the master for whatever reason, sonalksis has the free freeG and it's very precise.
GAFM ***