Finally, I dropped my Shure cans from high to medium last night, again still achieving a decent volume without getting too close to the max, but part of my brain thought there was a little more energy and definition on high with them. I believe as cans go, they are not too hard to drive, so maybe that was in my head.
Basically, do you agree with the rule of thumb that if you can listen at a decent volume without having to max out or get close to maxing out, you are on the right gain? Or can going up a gain level sometimes add some zest to the phones/speaker even if the level down is technically loud enough?
Does low on the Moondrop Aria and medium on the Shures and Dali Katch sound right?
My understanding has been that adjusting gain levels amplifies the signal. E.g., higher gain settings will make the sound louder, might increase background noise, will reduce control over volume for sensitive IEMs, can potentially modify the sound sig, (not saying that low gain always = more accurate representation).
If you perceived "added zest" when increasing gain and preferred it, possibly (assuming it's not placebo):
(1) the synergy between the DX320 on that gain level and the Shure SRH1540 happens to be the more accurate representation of those cans; or
(2) the representation, while not accurate, matches your listening preferences without skewing tonality enough to be a problem; or
(3) softer sounds more audible and happening to emphasize certain frequencies in this pairing that feels like added excitement/contrast/dynamics.
Adjusting gain may or may not change the sound, but if you heard a difference, then it's a matter of choosing the one you like more.
Considering the DX320's substantial power output on balanced mode, the standard assumption would lean toward using medium gain for the Shure SRH1540 and low gain for the Moondrop Aria. This is an assumption and not necessarily true, and may not be your preference.
Example: It is not possible to use high gain with the V16 Divinity unless I want to lose my hearing.
(I listen with volume at 1 (lowest) even when not on high gain with my V16)
The unbalanced output on the DX320 sounds great to my ears, so for highly sensitive IEMs, if low gain doesn't give enough control over volume, I use the unbalanced output. Each pairing could be different due to different synergies, so if you do hear a difference, just trust your ears/preferences.