By default, the order of processing is the order listed below (the signal passes through the Equalizer, then the Reverb, etc.). The phase and spectrum meters are based on the final output signal (after all processing).
You can change the ordering of the processing by clicking on the Graph button.
Filter Graph
This provides a signal path flowchart of the current settings. You can modify the order by selecting a module and dragging it with the mouse to a new position. You can also place the spectrum and phase meters at any place within the processing, if for example you'd prefer to see a spectrum of the audio going into the EQ as opposed to seeing the spectrum after equalization.
Crossover Settings
Ozone 5 allows for each multiband module to have independent crossover settings or share crossover settings with other modules. The three multiband modules, Dynamics, Exciter, and Imager, default to all sharing one crossover. This is represented in the Filter Graph by the Shared Crossover block. However, if they are dragged outside of this block, their crossover settings may be set independently. Below you see that the Stereo Imaging module has been removed from the Shared Crossover and is using four-band processing while the shared crossover is using three bands.
Mid/Side Modes
When a module is processing in Mid/Side mode, this will be reflected in the filter graph by showing the signal split into orange (Mid) and dark blue (Side) paths. Below the first equalizer and the dynamics module are processing in Mid/Side mode.
Close: To apply the new signal order, click on the Close button.
Reset: If you want to reset to the default order, click the Reset button.