I would disagree. When the engine is warm, it has been running. Thus a lot of the oil has been spread throughout the engine, which will give you an unusually low reading because the dipstick measures the amount in the sump (The bottom of the engine). If you wait until the engine has cooled, the oil will have a chance to drain (via gravity) to the sump where you will get a more accurate reading of the true amount in the engine. Just keep in mind, the color of the oil, in most cases, is much more important than the quantity - I'd rather have 3 quarts of clean bronze looking oil, than 5.5 quarts of dirty black oil.
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