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So, I don't see how 2 identical computers with different altitude settings could give the same depth. If I were to give the computer the benefit of the doubt, I would say that for its decompression readings, it is going off of the ATAs it is measuring but is not translating it to the proper depth for you.
It depends on the computer. For computers like the OP’s that require manual setting for altitude, this indicates that the device is looking up a table of pressure ranges it would use for decompression calculations, rather than measuring the ambient pressure directly. Probably they are using a gauge type sensor. So yes, in that case you would expect that if the altitude settings were different the depth display would be affected, if they are handling it correctly. But maybe as you suggest they ignore altitude settings for depth display and use that setting only for decompression calculations. So long as pressure readings are accurate it would not matter for deco. But the depth display would be off with altitude.
In the Cobalt, and quite few other computers that don't require manual altitude setting, we 1) use an absolute pressure sensor rather than a gauge sensor; and 2) store the ambient pressure reading every few minutes, even in sleep. When water is detected, followed by an increase in pressure, we look to the last ambient pressure reading as surface pressure and use that for both depth reference and for decompression calculations. For those computers the depth reading should not be altered by altitude, though fresh water will be a little deeper to have the same pressure value.
Rough rule of thumb, 30 mBar = .3 m or 1’ of depth.
So going to 1000’ / 300m will drop atmospheric pressure about 40 mBar, or a little over 1’ / .3m equivalent.
Going to 5000’ / 1500m will drop atmospheric pressure about 170 mBar, or 5.5’ / 1.7m equivalent.
But whatever the depth reading displayed, pressure is pressure, and what matters is the difference between the pressure profile a diver experiences on a dive and the surface ambient pressure they are exposed to on exit.
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It bears repeating, since the question comes up frequently in these forums, that dive computers do decompression calculations based on
pressure readings. It makes no difference what depth display that pressure is converted to. The depth display is there for the diver’s reference. Changing from fresh water calibration to salt and back only makes a difference to the “tape measure” depth value the pressure is converted to and displayed as, it does not alter the decompression calculations.
-Ron