Honestly it gets a little complicated. If you have an HDR capable tv you sometimes have to go into the TV menu and enable deep color support or 10 bit color on the individual hdmi inputs. You can check the ps4 video output settings and it will tell you what it recognizes your TV will support. Mine initially thought my TV would not support HDR but after tweaking the hdmi settings on the TV it works. However I did not have to change anything g on the ps4. It was set to automatic and as such just worked.
Your mileage may vary of course. What brand tv do you have?
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