Here is the mastering chain I use when mastering music. Each track is sent through the following processing equipment or plugins. I also use Back In Black by AC/DC as a reference when mastering.
Compressor
The purpose of this compressor is to compress as smoothly as possible and boost the output to near clipping. Adjust the threshold to compress up to 4 dB. Back off the threshold if “pumping” is present.
Suggested Settings: 200 ms attack, 200 ms release, 1.5:1 – 2:1 ratio.
Equalizer
Use a parametric equalizer to correct and sweeten the overall frequency response of the music. Apply no more than 3 dB increase or decrease to each frequency band. If more than 3 dB is necessary, more attention should be given to mixing the music.
Suggested Settings: wide “bell” shaped curves, use the Fletcher-Munson Curve
Sidechain Compressor
This will tighten up the higher frequencies adding presence and clarity. Compress as little as necessary to achieve an increase in clarity, too much will “wash out” the highs.
Suggested Settings: bell shaped sidechain centered around 7 kHz, 10 ms attack, 50 ms release, 1.5:1 ratio.
Limiter
The last step is to limit the peaks and raise the volume another couple decibels. The limiter can be set to compress up to 5 dB, depending on how much compression is already applied.
Suggested Settings: very fast attack, 10-90 ms release, 10:1 or higher ratio.
For best results, adjust the threshold of the compressor and limiter to vary the amount of compression. Above 8 dB of total compression will generally sound bad. Remember to listen to the music at the volume it will be played at.