Both, depending on the coil.
W=V^2/R (Watts = square of the voltage over resistance). this is your power drain from the battery.
The second factor is effective watts- what converted to heat \ vapor.
If you use a very low res single coil, at some point you just drain battery (and eventually burn).
However, if you use Dual coil the higher the wattage the more vapor.
So IMO if you use dual coils (1/r = 1/r1 + 1/r2), go with wattage - it will be a good estimate of vapor production
However if you use single coil, I would stay on lower wattage or just use the voltage as an indicator.
W=V^2/R (Watts = square of the voltage over resistance). this is your power drain from the battery.
The second factor is effective watts- what converted to heat \ vapor.
If you use a very low res single coil, at some point you just drain battery (and eventually burn).
However, if you use Dual coil the higher the wattage the more vapor.
So IMO if you use dual coils (1/r = 1/r1 + 1/r2), go with wattage - it will be a good estimate of vapor production
However if you use single coil, I would stay on lower wattage or just use the voltage as an indicator.