No, what I said (or meant, I don’t remember what I said) is it not linked to the theoric dynamic range of the sensor (its bit-depth). But it is linked to the actual scene lighting, given you didn’t adjust the exposure earlier in the pixelpipe, before this module.
Ok, after moving the grey value, try moving the black point accordingly, and then the dynamic range. Your histogram should have a different shape. It’s not just a matter of limits. What the grey point does is allowing you to shape the distribution of luminances. What you look at are only the limits of the histogram.
See the how the relative height of the blue peak in highlights evolves, compared to the grey/red peaks height in the middle ? The grey level sets how much you want to squeeze the histogram towards the center. Then, the dynamic range is the rescaling factor, and the black exposure is the offset.
is what happens when you use the color-picker in auto mode. Which is a fair guess, but not always a good one. That’s why you can manually hard-set the dynamic range and black exposure, making this equation a simple (log2(input / grey) - black) / dynamic_range