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The only real accurate measurement of the ATF fluid is when the engine is running and the ATF is hot.
The cold measurement can vary wildly so the hot level is the only accurate one. The transmission works by moving the fluid around inside the passages and there's no way to measure accurately if the level is correct when the engine and trans are cold. That's why they recommend it be checked hot.
if the hot measurement (say car was driven at least 10 miles) is accurate, you can safely ignore the cold fluid level; unless one day you pull the ATF dipstick and there is no fluid on it.
The ATF is checked with engine hot and running and trans in P. Its a good idea before checking the level, to press on the brake pedal, and move the shift lever through all the gears, pausing about 5 seconds in each gear, and ending up back in park, this may make the reading more accurate.
If the ATF is really overfilled, the other people are right: drain out the excess, the sooner, the better, over-filled fluid can damage the transmission big time. Sure it may blow out the excess but it may do it by blowing out your seals as Thurznite suggests.
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