Update [26.10.2020] I realized this afternoon that the a7s III can be changed to S-Gamut3 in camera and the Ninja V makes the change automatically too. That may only affect the display and not the actual metadata, but hardly anyone is shooting RAW so there’s very little info available. Atomos says it only affects the display and they should know, but Alister Chapman found that changing the gamut in some Sony cinema cameras unexpectedly affected the RAW data as well for some reason (it wasn’t ProRes RAW though). I use S-Gamut3 because it is compatible with rec. 2020 PQ (wide color gamut), and I do HDR. I’m guessing those doing SDR will select S-Gamut3.cine in Final Cut Pro? There appear to be several rec. 709 LUTs available for S-Gamut3.cine, but none for S-Gamut3 that I’m aware of. Since Mystery Box closed their online store, it would appear that no one sells LUTs for HDR. So the only question remaining is why zebras clip at 80% in Native mode and 85% in PQ mode when S-log3 proper exposure is 95%.
Atomos responded quickly to my questions about the exposure tools and gamut being recorded with the Ninja V. Unfortunately, they couldn’t explain the zebra behavior, but they did assure me that the Ninja V records ProRes RAW as S-Gamut3, which is a relief! At least, that’s how I interpret their remarks, which were a little cryptic. Here are the exact words:
In fact, the ProRes RAW is very flexible for post-production. The advantage of RAW format is that it can freely choose the gamma in NLE software. Whatever how you choose the camera gamma in Ninja V , it would just effect the display, and it don’t effect the RAW data due to ProRes RAW is able to choose gamma in post-production.
On the other hand, the fact that PQ mode is broken is incomprehensible, since HDR monitoring is one of the key selling points of the Ninja V. And as exposure of ProRes RAW should be identical to that of S-log3, the absence of functioning zebras that can read 95% is distressing.