Appendix

After several comments were received and in light of the ongoing discussion on the PSK31 reflector I thought it might be informative to add the following spectrum analyzer and oscilloscope pictures. 
The spectrum picture shows a single tone spectrum compared to a BPSK spectrum.  These are accurately portrayed in that the power levels are the same for the single tone and each of the shifted BPSK carriers and these represent average powers.  The oscilloscope picture on the other hand shows the reason for backing down the average power in that the peak envelope voltage is 6db higher than the peak voltage of the single tone carrier.  The peak envelope power is therefore 3db higher - thus the recommendation to adjust the BPSK idle condition, which is shown in these pictures, for approximately ½ or -3db down from the single tone carrier or cw signal.  Now, the only question remains is where does your rig begin distorting the signal.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BPSK vs Carrier

 

 

 

 

 

 

 

 

BPSK vs Carrier Spectrum