https://www.hdrsoft.com/resources/dri.html#bit-depth

The dynamic range is a ratio between the maximum and minimum values of a physical measurement. Its definition depends on what the dynamic range refers to.

For a scene: Dynamic range is the ratio between the brightest and darkest parts of the scene.

For a camera: Dynamic range is the ratio of saturation to noise. More specifically, the ratio of the intensity that just saturates the camera to the intensity that just lifts the camera response one standard deviation above camera noise.

For a display: Dynamic range is the ratio between the maximum and minimum intensities emitted from the screen.

The Dynamic Range of real-world scenes can be quite high — ratios of 100,000:1 are common in the natural world. An HDR (High Dynamic Range) image stores pixel values that span the whole tonal range of real-world scenes. Therefore, an HDR image is encoded in a format that allows the largest range of values, e.g. floating-point values stored with 32 bits per color channel. Another characteristics of an HDR image is that it stores linear values. This means that the value of a pixel from an HDR image is proportional to the amount of light measured by the camera.

For TVs HDR is great, but it’s not the only new TV feature worth discussing.

The human eye perceives half scene brightness not as the linear 50% of the present energy (linear nature values) but as 18% of the overall brightness. We are biased to perceive more information in the dark and contrast areas. A Macbeth chart helps with calibrating back into a photographic capture into this “human perspective” of the world.

https://en.wikipedia.org/wiki/Middle_gray

In photography, painting, and other visual arts, middle gray or middle grey is a tone that is perceptually about halfway between black and white on a lightness scale in photography and printing, it is typically defined as 18% reflectance in visible light

Light meters, cameras, and pictures are often calibrated using an 18% gray card[4][5][6] or a color reference card such as a ColorChecker. On the assumption that 18% is similar to the average reflectance of a scene, a grey card can be used to estimate the required exposure of the film.

https://en.wikipedia.org/wiki/ColorChecker