The water pressure is exerted on the piston through the holes in the cap. Many folks are confused by the balanced vs depth compensating thing.
My understanding is that "balanced" refers to the ability of a reg to minimize IP decrease as tank pressure decreases. Is there another use of the term "balanced" that I'm not familiar with?
My understanding is that ALL regs adjust IP in response to depth, such that the IP equals the fixed value (e.g., 135 PSI) that is established by the spring plus ambient water pressure. I'm not familiar with the term "depth-compensating," other than in this context. Is there some other parameter besides IP that some regs adjust in response to depth?
I'm sure you guys know more about regs than I do, and the confusion is over terminology. Seemed like an interesting conversation, so I'm following it.