When an SSB signal is "S9", that means that the total power in the ≈ 3 kHz 
bandwidth, added up, is equal to S9. The voice power is spread out across 3 kHz 
of bandwidth and has to be integrated, or summed, in that bandwidth before 
comparing to an S-meter reading.

Therefore, the amplitude of any point inside the SSB signal, as seen on a 
panadaptor, will always seem less than actual. 


Noise, being a broadband signal, also acts the same way. You have to know the 
receiver bandwidth to properly integrate all of the power inside that bandwidth 
to come up with a meaningful average power number to compare to an S-meter.

A CW signal, on the other hand, exists at only one frequency (ignoring noise 
and 
keying sidebands). The amplitude of a CW signal on the P3 should be close to a 
calibrated S-meter. In the case of the P3, "close" means within a few dB.

There is nothing wrong with your setup. Enjoy it in good health.

R,

Al  W6LX
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