Yes. You can use a direct connection from London Euston station with trains taking approximately 20 minutes.
Oyster Cards are not valid in days but are based on the credit loaded. Based on this credit, you can travel a certain number of days.
However, please note that for travel between London and Watford J. the Oyster Card will charge £ 6.60 or £ 10.10 each way, depending on the time of travel: peak or off-peak.
Peak time Mon-Fri 6.30am-9.30pm and 4pm-7pm. Saturday, Sunday, holidays and outside these times is off-peak.
So it is almost always worth taking the bigger Oyster, the £50+5 one. For example: I am staying in London for 4 days; the ideal Oyster is the one loaded with £35 plus the £5 card fee. Then, if you can always travel during the off-peak hours, I will still have to charge at least £13.20 for the journey.
GETTING THERE BY TRAIN
The nearest station to Harry Potter Studios is Watford Junction, served by direct connections from London Euston (20-minute journey) or trains with intermediate stops in about 40 minutes.
A continuous shuttle bus service connects Watford Junction to the Studios in about 15 minutes. Buses leave every 20 minutes from 8.15am or 9.20am depending on the day. The last shuttle bus to Watford Junction leaves the Studios at the close of the Tours.