Wave Link mixes up to nine inputs, virtual or physical together and creates two output mixes - One for monitoring, that you listen to and one for the stream. These mixes and the level of audio of inputs is controlled individually.
The monitor mix is the output mix which you will listen to via headphones or speakers.
To select which audio output the monitor mix plays through, click on the dropdown menu and select the desired output.
Note: Elgato recommends connecting headphones directly to the headphone port of the Wave:1 or Wave:3 microphone and setting the monitor mix to play through the headphone port, as that will offer the lowest audio latency
The Stream Mix is the output mix which is added to streaming or recording software. This mix will show up as a microphone input in the streaming software.
These guides cover how to add the Stream Mix to the most popular streaming software
Toggle Monitoring Between the Two Output Mixes
On the right side of each output mix is an ear icon. This icon indicates which mix is currently being monitored. This is a quick way to make sure what your audience is hearing is properly balanced and there aren't any issues.
Click on the ear icon to listen to the desired mix.