My incomplete guide to using a LG OLED as a color grading monitor.
There is no substitute for a Sony X300 (well, actually there is since this was discontinued, but...). That said, you may want to have a second display for clients, or you may be setting up a low budget color bay at home. I will briefly tell you everything I have learned over the last few months. I would only recommend this for Rec709 SDR.
1) You want to buy a 2019 or later LG OLED TV. I purchased the CX48 (LG OLED48CXPUB) for $1,249.99 from Amazon.
2) You will need to send a video signal from your computer to the monitor to bypass any color management issues your computer will introduce. I purchased the Blackmagic Design UltraStudio Monitor 3G Playback Device with Thunderbolt 3 for $115 (plus Thunderbolt 3 cable $40). Keep in mind this will only do HD. You will need the UltraStudio 4K Mini for $1000 to do UHD.
3) Buy a X-Rite i1Display Pro Plus Colorimeter $300. You can get away with the non-Plus version ($40 cheaper), but you won't be able to calibrate the TV for HDR or Dolby Vision, and even though you won't be coloring in HDR, you may want to use the TV to watch Netflix in HDR.
4) Calibrate your computer display using the software included with the colorimeter. Do NOT enable "Use Mac display color profiles for viewers" in Resolve and do NOT bother creating an output LUT using DisplayCAL. Just calibrate your computer display and be done. I enabled the "use F1, F2 keys as standard function keys" option on my iMac to prevent me from changing the screen brightness accidently. Side effect is the F keys in Resolve work without a modifier. Sadly, changing the volume now requires the Fn key.
5) Buy the factory service remote (MKJ39170828) for $8 on Amazon. Watch this video to learn what to do with it
You will want to disable any features on the TV that "save power" or "protect the display from burn-in" as these will obviously be counterproductive towards calibrating the display. YOU will need to now protect your screen from burn-in.
5) Purchase a license for Portrait Display's Calman Color Calibration Software $145. You want the HOME LG version which is hiding under the consumer software tab. This software is not made for consumers, so you will want to follow along with the video that Portrait Display has created. Go to Support -> Resource Center
https://kb.portrait.com/help/lg-2018-and-2019-autocal-guide6) Use pattern generators like greyscale ramp to verify your setup and to make sure your computer display matches your monitor. You can find a perceptual matching chart here
https://www.flandersscientific.com/tech-resources/You will want to angle the TV to be perfectly perpendicular to your eyeballs. I have found that the CX 48's white point shifts towards cyan when you are off axis. I use a tilting ceiling mount $80. Also, I purchased a quart of spectrally flat paint from The Home Depot
https://www.flandersscientific.com/tech-resources/ and painted the wall behind the TV. Last, I would recommend bias lighting. I found that 2 meters of FSI Solutions LX1 Bias Lighting $20 was perfect for my 48" TV and the bonus is that I can tell when the TV is on. The black point is so low that you can never really know when the TV is on or not. FSI Solutions has a professional line of 6500K lighting products. I have the $100 desk lamp to light up my keyboard and I am very happy with it (well, honestly, the base could be heavier).
https://www.biaslighting.com/