we know that, when we use an eq, the software reduces the dynamic range, the "bits", of the original stream in order to make calcuations and prevent overflow.
Do we know that? It depends on whether or not there are accompanying phase shifts (i.e., are you using minimum phase EQ vs. linear phase, etc.), and whether we're using EQ boost and attenuation filters.
does this happen even if we just apply attenuations?
If attenuations only are used,
and induced phase shifts are minimal, generally speaking, the average output result will have lower average output levels. However, whether or not you actually have audibly lower dynamic range (crest factor) is a function of the EQ filters applied (center frequencies) and whether or not the audible frequencies in targeted audio stream/track are subjectively affected.
For instance, it's possible to apply an infrasonic filters to eliminate rumble from a captured analog music track from phonograph records--and not materially affect the core dynamic range of the musical frequencies themselves.
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In general, though, if you are wanting to have real-time control of resulting music track dynamic range,
there is a way to do that, in either real time while playing back music tracks (using something like foobar2000) or in batch mode using something like
Audacity.
In general, I find that the
Fabfilter Pro-Q4 plugin seems to be a bit more intuitive for visualization than the Pro-MB multiband upward expander/compressor, but care must be taken so that "breathing" that you can get with an overly upward expanded track doesn't become audible. You can do both static and dynamic EQ with these plugins.
Chris