You can create a new pool for an existing pair or for a new pair/token. You can play around with the amp factor and see how the price range changes. Note that an unamplified pool (amp = 1) covers an infinite price range. Each pair can have multiple pools, with different amplification factors and every pool will have its own LP token. Our recommendation on the amp factor would be to use 1.15 - 1.3 for most pairs. However, for closely related asset pairs, you could have a higher amp factor as well. For example, for an intial price of 1, $p_0$, P{min} and P{max} supported according to the amp factor will be as :
$P_{max}$58.783618.78
$P_{min}$0.020.030.05