Absolutely. That's why on these transmissions the fluid level is checked at operating temperature, on level ground, after shifting through all gears. This allows valve body circuits to be filled. The cold level is only for quick reference (and this too with the engine running, so the ATF will get soaked up by the fluid circuits. However, this isn't the case with the engine off as Uibalnme mentioned, that's why the level is much higher when off).
It helps to do a few checks to get an idea of where the ATF level is on average. And then if you do your own drain, you can quickly measure what you drained out and put approx. that amount back in.
Newer transmissions will need to be checked in a specific temperature range, using a check plug kinda like in a manual transmission.
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Originally Posted by uibalnme
^ it's basic physics. Any material will expand as its temperature increases. Overnight the ATF drains off of the transmission internals and down into the trans pan, increasing the level on the dipstick to the hot marks. When you start the car in the morning, a pump moves the ATF up into the transmission to lubricate the internals, and this drops the fluid level to the cold marks. Then as the ATF, and trans internals heat up, they expand a bit, and this moves the fluid level back up to the hot marks.
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