Dynamic Range (DR) in Photography usually refers to the linear working signal range, from darkest to brightest, that the imaging system is capable of capturing and/or displaying. It is expressed as a ratio, in stops:
It is a key Image Quality metric because photography is all about contrast, and dynamic range limits the range of recordable/ displayable tones. Different components in the imaging system have different working dynamic ranges and the system DR is equal to the dynamic range of the weakest performer in the chain.