19.10 Using Parameter Modulation with an Envelope
When you have an automation envelope enabled for a parameter being modulated, then the baseline value will be determined by that envelope rather than by the baseline value fader in the parameter modulation window.
Kind: concept (user-guide-section) Chapter: 19 Parameter Modulation Source: REAPER User Guide v7.70
When you have an automation envelope enabled for a parameter being modulated, then the baseline value will be determined by that envelope rather than by the baseline value fader in the parameter modulation window. When this happens, the baseline value that is actually applied will itself vary (according to the envelope) throughout the song. This can produce some interesting results.

Here we have added an envelope to control the Band 2 EQ Gain setting of ReaEQ. By clicking the Modulate button in the envelope lane we are able to open the Parameter Modulation window and take the necessary steps to ensure that the EQ gain will respond automatically to changes in the strength of the audio signal on this track. In this example, when the envelope is lowered just after the current position of the play cursor, the baseline value of the parameter being modulated will also be lowered.