I was always confused with the gamma too but it looks like I just found my workflow!!
If you set MAX Gamma LUT settings as:
Gamma correction active
2.2
Affect colours and material editor ticked
Input Gamma 2.2
Output gamma 1.0
In the Vray colour mapping you set gamma 2.2 as well and (important) tick Don't affect colours (adaptation only)
Then you render with Vray frame buffer and keep (important) the sRGB button ticked for correct display. If you then save out a 32bit floating point image, it opens correctly in Photoshop (at least it does here).
However 8 bit images will display too dark in Photoshop with this workflow.
Hope that helps.
If you set MAX Gamma LUT settings as:
Gamma correction active
2.2
Affect colours and material editor ticked
Input Gamma 2.2
Output gamma 1.0
In the Vray colour mapping you set gamma 2.2 as well and (important) tick Don't affect colours (adaptation only)
Then you render with Vray frame buffer and keep (important) the sRGB button ticked for correct display. If you then save out a 32bit floating point image, it opens correctly in Photoshop (at least it does here).
However 8 bit images will display too dark in Photoshop with this workflow.
Hope that helps.
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