Ableton Forum

Here is how you do it:

1) Create an Effect Rack name it "Dryer" and drop your FX in the chain (wich I recomend you name as "Drop your FX Here"
2) Now create a second chain and name it "NFB" (that stands for negative feedback, google it and see how it is used in modern amps)
3) Create another Rack inside the "NFB" with two chains in it: "-180" and "Dry"
4) Now in "-180" chain put these: Utility (with mute switch "on")>>>Compressor>>>Utility (with both L and R channels Inverted)
5) Now we are going to convert the compressor in an "aux in", put these settings in the compressor:

Ratio: 1:1
Model: FF1 or FF2 (anything but the "feedback")
Lookahead: 0ms
Makeup: OFF
Sidechain: ON
Sidechain listen: ON
Sidechain Dry/Wet: 100%
Sidechain Gain: 0dB
Audio from: 1-Audio, Dryer, Drop your FX Here Post Fx

6) Assign the level of your "NFB" chain to Macro 1 (the range has to be from -inf bD to 0dB)

DONE!

Now if you rise the NFB chain level you will make your signal more Dry.

I hope you will find it usefull!

Of you can just create two chains, one for the effect, one dry, add crossfades, and map the chain selector to Macro 1.

Duh......, I totally forgot about crossfades. Thanks.

No worries, just seemed like an easier way to do it