The Witcher 3: Wild Hunt - HDR Optimized Settings (Patreon)

The game is NOT using/applying Xbox/Playstation HDR Calibration app settings.

UPDATE after Patch 4.04

The game now finally provides (in theory) a proper Peak HDR Luminance slider up to 1.500 nits and a Paper White slider up to 500 nits on top of the regular Gamma slider which is now recommended to its default value as follows:

Then you can proceed with the new in-game HDR controls:

Even if counter intuitive and wrong on paper, I've found that setting the "Max Monitor Brightness" slider to 1.500 (nits; Max) and "Paper White" to 200 (nits) for DTM or 500 (nits; Max) for HGIG is the only way to actually reach around 1.000 nits in the brightest spot in-game (e.g. the sun in the brightest day) while also preserving a great contrast with very dark areas, all with no black level raise at all.

You can then alternate and choose between DTM or HGIG as you prefer.

BONUS:

• Use "Performance Mode" on Xbox Series X and PS5 as this provides a noticeably higher average resolution at more consistent 60fps compared to Quality Mode (where RT implementation is only partial there and it isn't worth the big resolution/framerate loss);
• Use "Quality Mode" on Xbox Series S (as to reach 60fps too many visual sacrifices were made there instead);
• If you play on controller: lower the Right Stick Sensitivity from 1.00 to 0.75 at least (as it's just too high/quick by default);
• Switch back to Classic Geralt Movement Scheme in order to improve animations' jerkiness during fast movements.