OK, I could not resist playing with the gas law PV= znRT
If you assumed that the change in z is small at these pressures and that R is a constant, you can come up with an equation of
P2/P1 = (V1/V2)*(T2/T1)
V1/V2 would be your volumetric compression ratio. You can see that it differs from the gas compression ratio (P2/P1) by the ratio of the temperatures (T2/T1). Again, you have to work in absolute units. Ambient temperature of 60 deg F is about 520 deg R (60+460). When you do a compression test on an engine they say to do it with the engine warmed up. So I'm gonna assume a temp of 180 deg F or 640 deg.
Using as an example, an engine with a volumetric compression ratio of 9.5. Then solving for the gas compression ratio (P2/P1)
= 9.5*(640/520) = 11.7
At sea level, 11.7 multiplied by the atmospheric pressure of 14.7 psia would give you 172 psia. The compression gauge would read about 157.3 psig which would come closer to Ian's engine.
So in order to convert the compression reading to engine volumetric compression ratio, you need to know the cylinder temp.
To find the volumetric ratio given the compression test reading:
V1/V2 = (P2/P1)*(T1/T2)
In the Denver Example, P2 = 125 psig. The atmospheric was 12.1 psia.
V1/V2 = [(125+12.1)/(12.1)]*[(60+460)/(180+460)]
Volumetric Compression ratio = 9.2
Now the formulas passes the reasonableness test.
But you might get an idea of what the engine's compression ratio is or what the cranking pressure could be.
I should have been more clear that you can easily calculate the gas compression ratio, but that it would require a adjustment to convert to a volumetric compression ratio.
Doug