This is a Max For Live device that displays audio as a waveform with an adjustable "zoom" control.

This is useful to see how an effect changes the waveform if you put a WavScope before an and after the effect. With its Sidechain control, you can visualize two waveforms at once. This is useful for balancing kick and bass, among other things.

I made a video going through building a simpler version of this device step-by-step. Maybe do that instead of just downloading it?
Download the newest .amxd file from the Releases Page or clone this repository, and drag the WavScope.amxd device into a track in Ableton Live.
Place in a track to see the audio activity at that point.
Use the Time control to zoom in or out of the waveform, stepped in note increments.
Use the Link control to synchronize the Time control with other instances of this device that also have Link enabled.
Use the Scale control to zoom vertically (does not change the audio volume, only the waveform display).
Toggle between Split and Join view with the Split / Join button.
Use the Sidechain controls to display a second waveform. Useful to help balance kick and bass, as shown here.
Thank you to JXQU3 for publishing JoyDuck which provided useful abstractions for working with audio channels.