Open trace file in Wireshark...

nRF Connect for Desktop

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nRF Connect for Desktop

Opens File Explorer and allows you to select an .mtrace or a .bin file. The selected file is converted to Packet Capture Next Generation (PcapNG) format and displayed in Wireshark.

Wireshark analyzes layers and protocols in the trace, in addition to AT commands. It can color and filter traffic based on packet type. See DevAcademy article on viewing modem traces in Wireshark for more information.