Oil Level with Cooler Installed

onzedge

Here is what may be a dumb question.

If one checks the oil level when the engine is cold (i.e. it has sat overnight) and there is an external oil cooler installed where do you look for the proper level on the dipstick? Keeping in mind the more or less quart the cooler and lines hold and that the oil drains into the pan overnight, should you not have the level above the high dot? It seems to me that if the level is on the dot, the engine is actually a bit low. Am I right?

Thank you in advance for your thoughtful replies.

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