First let me say all of this information was the result of me searching online after noticing horrible black levels on my brand new monitor and GTX 980 card, and finding an excellent post on the GeForce forums by user BatJoe. All props go to that user/post which can be found here: https://forums.geforce.com/default/topic/523992/tip-for-nvidia-users-using-hdmi-and-getting-accurate-color-format/[1]
The semi-tldr; If you're display supports Full RGB, which most do, you may notice you aren't getting the right colors and the blacks don't seem so black and the whites don't seem so white. This is because despite under Display->Adjust Desktop Color Settings your digital color format being set at RGB, its actually by default set at Limited RGB, not Full. The following patch will fix it: http://blog.metaclassofnil.com/wp-content/uploads/2012/08/NV_RGBFullRangeToggle.zip[2]
The asiest way to tell if you are experiencing limited colours is to go into Nvidia control panel into the change resolution section. If your selected resolution falls under 'PC' then you are seeing the full colour range and do not need to change anything. However, if your selected resolution falls under the 'Ultra HD, HD, SD' category then you are seeing limited colours. There is no .exe fix for anyone who is using DisplayPort who falls under the 'Ultra HD, HD, SD' category: but you can fix this by creating a customised resolution by selecting the "customise..." button. In that window select 'Create custom resolution', enter your current resolution but increase the refresh rate by 1hz (from 60 to 61), test it then okay it. Your new 'custom' resolution will appear in a new category called 'Custom' at the top and selecting this resolution will eliminate the limited colours issue. You can swap back and forth to see the difference for yourself. Check every week or so as Nvidia control panel has a tendency to move you back to the limited colour resolution or wipe your customised one.
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Everything I know is a lie
http://www.pcgamer.com/nvidia-driver-update-for-elite-dangerous-and-mgs-fixes-limited-rgb-bug/
I think it's been a problem for 5 years,haha