AFAIK, metering on the master is post-fader(which is fine in that point in the chain). Having said that, I leave everything in pre-fade so I know real levels(so I don't have clipping that is not shown due to post-fade metering and gain staging). The only time I use post-fade metering is when balancing several tracks of similar sounds, such as BGV's or strings. As soon as I have the balance I want, metering goes back to pre-fade
