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Your PS5 HDR Settings Are Probably Wrong. Here's How To Get Them Right
Although the PlayStation 5 is widely regarded as a solid console for HDR gaming, you may not be getting the deepest blacks, brightest whites, and most comprehensive color range for your modern HDR TV. Fixing your PS5's HDR settings is an extremely simple process that should take you no more than a few minutes to complete if you follow these steps.
Navigate to PS5's Settings, then to Screen and Video, now to Video Output, and finally, to Adjust HDR menu. On the first of the two screens, press the D-Pad up until the gray sun becomes entirely invisible, contrary to Sony's on-screen directions (as long as your TV is HDR10 at a minimum, you should be fine maxing out your brightness).
After this point, you'll be asked to set your black levels, and this is where you'll want to do the same thing you were just doing but now in reverse. Press the D-Pad down until the gray sun is invisible, and assuming you're using an HDR10, HDR10+, or Dolby Vision-compatible TV, you should be able to enjoy much richer colors and deeper blacks.