There is an entry in the ribbon bar where you select the S Meter style and other options: Ribbon bar, View, Spectrum, Signal Meter.
The standard comes from "IARU Region 1 Technical Recommendation R.1":
STANDARDISATION OF S-METER READINGS
The IQ data from the SDR is converted from the time domain to the frequency domain with a 32-bit floating point version of the FFT algorithm. The algorithm is one of:
all of which can safely be considered as very accurate.
This is the peak spectrum FFT bin (output value) which is within the current filter. Note: This value will probably differ from the actual spectrum trace as the spectrum trace uses smoothing to make the display more aesthetically pleasing and less tiring on the eyes.
Purists may not be happy with the logic used to determine the noise floor - they rarely are, but it works for me.
The absolute accuracy will not be exact - calibration of signal levels will be added to Console as and when time permits.
Direct sampling SDRs such as ELAD S2/S3, Perseus or NetSDR will be best As long as the SDR is not overloaded. SDRs using tuner chips can be very good but may suffer from compression if hardware AGC is enabled, for example ADALM Pluto and Lime.
Some SDR implementations have a Visual Gain option, this is purely a numerical IQ gain factor and does not affect any SNR measurement. Visual Gain is used to provide a rough calibration of signal levels.
S Meters can display not just the signal level, but also the Signal to Noise Ratio (SNR) which is often more meaningful.
Note: When no signals are present with the SNR display it is quite normal to see a SNR reading. This is because Noise is the mean (average) whereas Signal is the peak value, so even in a quiet part of the band there will be a difference between the peak and mean. To see this yourself change the Smoothing algorithm to None (Ribbon Bar, View, Spectrum, Smoothing). The default smoothing is very good at eliminating noise.
You see the same effect with a 'normal' receiver which has a S meter - even on a quiet band it will be moving and following peaks in the noise.New Paragraph
If the main window has a high zoom applied then there will be fewer FFT bins in the main window, as a result the noise floor value will be less accurate. If a high zoom is required use a receiver window as shown in the image below where you see the main and receiver window (high zoom) show the same SNR value.