These are the settings I followed. Lifted them this guy's epic post.
www.avsforum.com
Here's the settings I have settled on for now after a recent calibration by Chad B:
Panasonic 820 settings when watching 4k discs:
Optimizer On, Slider at 2 (though this can vary from movie to movie, I generally keep it between 0 and +2 to start with, and go up to +4 if needed, rarely going past +5)
White Gamma: 0
Black Gamma: 0
Edge Correction: 1
Sony 695ES settings when watching 4k movies (the UB820 and Nvidia Shield both use the same Cinema Film 2 preset, but the UB820 is passing SDR 2020 so that it can control tone mapping with optimizer settings above, while the Shield is set to HDR 2020 and the projector handles tone mapping). Also, note that Cinema Film 2 has been calibrated to a 2.4 gamma, which is needed for proper tone mapping since the Panasonic expects a 2.4 gamma.
Calib. Preset: Cinema Film 2
Contrast: Max
Brightness: 50
Color Temp: D65*
Reality Creation: On, Resolution 45, Noise Filter 0
Contrast Enhancer: Off (or Low)
Lamp Control: High
Gamma Correction: 2.4
Smooth Gradation: Low
Color: 55
Sharpness: 50
Hue: 49
NR: Off
Motion Flow: True Cinema
Input Lag Reduction: Off
Advanced Iris: Dynamic Control: Full, Brightness 91
Clear White: Off
x.v. color: Off
Color Correction: Off
HDR: Auto
Color Space: BT2020
*If D65 is not bright enough, I have also setup a Custom3 setting, which is basically D65 with the RGB Gain turned up from 128 to 152. May or may not need this in your setup to get decent HDR effects. Instructions at bottom if you need them.
Here's the settings I use for 1080P movies (both for the UB820 and the Nvidia Shield):
Calib. Preset: Cinema Film 1
Contrast: 99
Brightness: 50
Color Temp: D75
Color: 50
Reality Creation: On, Resolution: 30, Noise Filtering: 0
Contrast Enhancer: Off
Lamp Control: Low
Gamma Correction: 2.2
Smooth Gradation: Low
Sharpness: 50
Advanced Iris: Dynamic Control: Full, Brightness 96
Motion Flow: True Cinema
NR: Off
Color Space: BT.709
Clear White: Off
x.v. color: Off
Color Correction: Off
HDR: Auto
Input Lag Reduction: Off
Here's my 3D settings:
Panasonic 820 settings when watching 3D movies:
Display: Projector
Picture Type: Normal
Tone Curve (White): 0
Tone Curve (Black) 0
Edge Correction: 1
3D signal format: Normal
3D popout level: 0
Sony 695ES settings when watching 3D Movies:
Calib. Preset(3D): Cinema Film 1
Contrast: 99
Brightness: 40
Color Temp: D93
Reality Creation: On, Resolution 25, Noise Filter 0
Contrast Enhancer: Low
Lamp Control: High
Gamma Correction: Off
Color: 51
Sharpness: 50
Hue: 50
NR: Off
Motion Flow: Smooth High
Input Lag Reduction: Off
Clear White: Off
x.v. color: Off
Color Correction: Off
HDR: Auto
Color Space: BT.709
Here's how to turn up RGB Gain to get a bit more brightness when watching HDR content:
Enter into Service Menu by pressing "Enter, Enter, Left, Enter" on the remote control
On the left hand side of the menu, where the icons are, go all the way to the bottom and select "Device"
Under "W/B", select Custom3 (which is based off of D65)
Adjust R, G and B values up from 128 to 152 for each and click Enter until you go back to the main area, then save changes
Now you can select Custom3 and you will have more brightness/pop when watching HDR content (in addition to setting lamp mode to High)
Edit: I have tried the dynamic iris at 75, 96 and 91, and settled on 91 for now. Keeping the dynamic slider low (between 0 and 2) is the only thing that really keeps the contrast set properly for me, and setting the iris to 91 seems to be the best blend in terms of keeping black levels good while also providing a bit of brightness in darker scenes. This was the best combination I could find after testing several more HDR movies.
Edit: Finally got around to testing out some 3D movies, so added those settings as well.