A method and electromagnetic ranging system for determining the location of a target well. A method may comprise taking a first measurement with an electromagnetic ranging tool at a first position and calculating a first modeled signal. Additionally, calculating a calibration for the electromagnetic ranging tool from at least the first measurement and the first modeled signal, taking a second measurement with the electromagnetic ranging tool at a second position, and calculating a calibrated measurement. The method may comprise determining a distance, direction, and/or orientation to a target wellbore using at least the calibrated measurement. An electromagnetic ranging system may comprise an electromagnetic ranging tool and an information handling system coupled to the electromagnetic ranging tool. The information handling system may be operable to calibrate the electromagnetic ranging tool, calculate a gain of the electromagnetic ranging tool, and apply the gain to a measured signal from the electromagnetic ranging tool.