OK … so MC 23.0.73 has latest MadVR stable version 0.92.17
The only way to know what HDR supposed to look like is to watch in on monitor it was graded on (those are very high brightness professional monitors).
As I said before … no consumer display is even close to display full HDR … as that is the only thing we have - only option is tone map (compress HDR to what our TV/projector can display).
As there is no standard for tone mapping … the whole process is very subjective.
For example … very bright red explosion. You can: clip at what you cannot display - you retain color but loose highlights in very bright areas. You can also diffuse red (mix in blue and green light) - this will boost brightness and highlights will be visible in bright areas but you loose purity of color - red will be not as red anymore (most TV diffusing will also introduce color shifts too … for example it can introduce yellow hue and your red becomes orange).
Whole of the above is to underline that tone mapping is a very subjective area. What most will agree on is that tone mapping should not introduce color shifts - and that's what MadVR tone mapping guarantees - and that's why it is the best (my very own very subjective opinion
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Now to your problem. If [passthrough HDR to display] with [output video in HDR format] ticked … and your TV kicks in HDR mode … and picture is crap - likely its your TV setting problem (I cannot help you there as I don't have your TV … only thing I suggest is read manual carefully)
Another way to test your TV - plug in your UHD bluray player and play your UHD disk ... if image is crap, its definitely your TV
For your posted MadVR tone mapping ... the picture looks fine - not sure what you are expecting ... I assume you are using [tone map HDR using pixel shaders] with [output video in HDR format] NOT ticked ... also couple of pointers here:
1. [target peak nits] should be set at a bit lower value than what your TV can output ... you can tweak this value till you like what you see (remember that tone mapping is subjective, so tweak it to your liking not somebody's liking) ... making it lower will increase brightness of picture but desaturate colors ... increasing value gives better color but lowest image brightness
2. In [calibration] setting ... for option [the display is calibrated to the following primaries/gamut] ... don't put BT2020 as your TV cannot cover it ... choose either BT709 (standard HD color) or DCI-P3 (if your TV can cover that)
EDIT: looks like you using PrintScreen to capture images ... better use camera/phone to take picture of your TV ... so can see what your TV display (that print screen of passthrough will be always dull as it is captured before your TV did tone mapping)