7). Click Analyze All. (And leave Enable Tone Mapping Preview selected). Once it’s done, you’ll notice that the image no longer looks flat and ugly because you’re now seeing the SDR version created by the Dolby Vision analysis.
One extra step should be performed: if the video image itself includes the cropping black bars then these will need to be excluded from the output, otherwise the black in every scene will skew the analysis. This can be done by selecting Timeline > output blanking. Or otherwise manually cropping the top and bottom.
Yes! Thank you for mentioning this. I forgot to say this, but this is true. I’ll add it to my post above. I also forgot to mention the Mastering Display setting, so I’ve added that to step 2 as well. It’s important to set it to BT.2020 rather than P3, otherwise the colors won’t be quite right.