The Dark Pictures Anthology: Man of Medan - HDR Settings

The peak brightness in the game seems to be fixed and not adjustable. This game does not seem to use the PS4, PS5 and Xbox HDR system calibration settings. 

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Peaking the brightness of the brightest light sources have a brightness of up to 2000 nits, but this is not critical. But the brightness of frequent objects such as the lamps has a brightness of about 400-1300 nits.

If the picture seems too bright or too dim for you, use your TV's Tone Mapping modes.