Hi Abdulok,
The annoying highs are caused by the Loudness filter, not so much by the equalizer settings (that is, if we are talking about the same thing). Set "Loudness" to a lower value (below 2) and they should be gone.
I'm assuming you're listening at the FM Loud or Extreme preset, here the Loudness value is set to 3 or 4, where in version 3.40 it was set to 2.3 at most.
Here's what's happening: For 16 bit audio, sample values can be between -32768 and +32767. If I have a loud S sound which peaks up to 20000, and a bass that peaks at 10000, they can be combined perfectly within the range. But, if I set Loudness to 4.0, the values are multiplied by 4 - so the bass peaks at 40000 (doesn't fit) and the highs peak at a whopping 80000. Combined they would peak at 120000.
The Loudness filter then performs a lot of neat tricks to squeeze the sound back into the -32768..32767 range. This is not always possible, and if it's not, some or all of the sounds are made softer. What goes wrong here is that the high frequency sound which is extremely loud will push down the rest of the sound - often in short spikes - so much that it becomes annoying.
What I've done now is I've added an extra filter between the final limiter and the Loudness filter that reduces loud high frequencies. The thing is, if I reduce them too much the sound will lack highs. Too little means that the annoying effects are still present, and the bass/mid level (warmth) is reduced.
About the CPU usage: That's way too much. I think I have an idea to greatly reduce it, will look into it.
About the parametric eq: I could do that, BUT the current clippers in the multiband filter assume (and have to assume) that every band is exactly one octave. That's also the reason that there are 10 bands.... So for now it's not possible
