What it is
Perceived volume, measured in LUFS (a loudness unit based on human hearing, per the ITU-R BS.1770 standard), not raw voltage amplitude — the same amplitude can sound differently loud in high versus mid frequencies, and LUFS already accounts for that.
Where it comes from
Apply a perceptually weighted energy integration over the waveform to obtain momentary and integrated loudness.
How to read it
It is the horizontal axis of the Dynamic Balance chart: dynamic control means sweeping volume from soft to loud while timbre (SPR) neither scatters nor collapses. The absolute value alone means little — the changing process is what you read.