The volume setting has no bearing on the clip light whatsoever.

From the manual page 2.1

5. Clip Light – This lights to say, “Whoa, Nelly! That’s too much input!” If the
Guitar and Aux inputs cause clipping, turn down the device that’s feeding your Spider
Jam. If the Mic input causes clipping, turn down the Mic Trim.

 

The device that is feeding your Spider Jam is whatever you have plugged into the input. It would take a very powerful guitar pickup and very hard playing to make the clip light come on. I can't get it to light with either a Stratocaster or a Telecaster with humbuckers. If you are using a pedal on the input or active pickups, those could cause the symptoms otherwise, you need to turn down the volume on the guitar.