You'll likely want to add other media such as music or a game to your livestream. To help adjust the audio and signal levels, you can use this 'traffic light rule' to help guide you to the perfect levels to achieve the best sound for your livestream.
The exact levels will vary by microphone and by software, but generally, you want to aim to have your desktop/media levels in the mid-high green section, your microphone level in the yellow section, and whatever you do, don't enter the red zone...