When capturing via digital cinematography for later DI based post-production, and following the guidelines outlined within this website, it is really necessary to use ViewLUTs to enable the production team (Director and DoP specifically) to see a close approximation to the final graded image, rather than the low-contrast, high-dynamic range one being captured.
To see more about the possibilities for LUTs, Cubes and Gamma Curves see the LUTs and Cubes page.
Look at the following two images to see what I mean.

The above image shows a Viper frame as captured in FilmStream mode, with its low contrast imagery, and classic green tinge.
If the following View LUT is used:

The displayed image becomes a more pleasing 'graded' image.

And as can be seen, with the ViewLUT applied it is a lot easer to make creative judgments about the image cinematography, lighting, etc., although within the captured low-contrast, high-dynamic range image there is a lot more detail, especially within the low-light areas of this image.
What has to be remembered is that the ViewLUT is only used for on-set viewing, and is not a critical part of any grading, and the captured image data is as per the original unaltered image.
For information on on-set grading, which can form part of the later critical grading process, see On-set Grading.
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