While playing around with my recently purchased P45+, I took some pictures of a white wall to learn more the exposure characteristics of the back.
First, I exposed to a standard light meter reading of the wall (18% gray). The resulting histogram peak was in the center of the range displayed. So far, so good.
Next, I added exposure until the histogram clipped to the right, and decreased exposure until it clipped to the left. The result was +2 stops and -5 stops, which would yield a dynamic range of 7 stops.
Taking exposures of a white wall is a standard method of determining the characteristics of a sensor. You should use a lens with a relatively long focal length, defocus the lens, and use only the centrtal portion of the field to avoid light falloff.
Roger Clark shows how to do this. You then need to use a program which looks at the raw data. Even with no exposure (e.g. lens cap on, high shutter speed, small aperture), you should still get a reading, and this is a measure of the read noise of the sensor. As previously pointed out, the clipping you saw is likely from the tone curve applied to the raw data. Also, the Histogram of Photoshop and many other programs does not have enough resolution to show the values at the low end of the DR.
Here is a histogram of a Nikon D3 with the lens cap on (the free ware program
Iris was used). Nikons clip the read noise at zero and show only half of the bell shaped curve. Canons add an offset to prevent such clipping, and I don't know what Phase One does.
The engineering definition of DR is
maximum signal/read noise. For practical photography, you might want to set the noise floor higher. The DR is limited by noise, not by clipping.
Bill