It is based on the QNH
QNH - The pressure set on the subscale of the altimeter so that the instrument indicates its height above sea level. The altimeter will read runway elevation when the aircraft is on the runway.
Normally based on a pressure of 1013Mb and above the transition level the altitude is shown as Flight Level and below the transition level in feet.
You can set both in File/Preferences/Radarbox but best just leaving it as ot comes
Alan