“Color correction” means altering colors in a way that makes the image look more true-to-life. Alterations include white balancing, removing color casts, and recovering shadows if the scene looked harsh due to a wide dynamic range. The final “corrected” image looks neutral and accurate.
“Color grading” often starts with a color corrected image as a base and then alters colors to achieve a specific artistic goal. Colors may be saturated to give a vibrant look, or desaturated to give a moody vintage look. Shadows may be increased to be dramatic, or reduced to convey simplicity. Color grading has an artistic and emotional goal in mind, and the final image is not accurate or true to real life.
FCPX is Final Cut Pro for Mac. ColorFinale is a tool to assist with color grading.
A LUT (“look-up table”) is a text file that tells a video editor (like Shotcut or FCPX) how to take an input color and transform it into a different color as output. “Look-up table” means the system looks into the text file and says, “the source video shows blue, what do you want me to change it into?” and the LUT may say “add some more blue and a little green and red to lighten it up”. Every possible color can be looked up or interpolated from that text file, which means the file might preserve skin tones but wash out everything else if chosen. These files usually have .CUBE extensions and can be downloaded from stock agencies and blogs written by colorists. An “iPhone LUT” is a LUT whose color transforms are designed to make corrected source footage look like it was shot on an iPhone. This will mean flattening yet over-saturating the colors compared to what your GX80 can do unmodified.
If you go the route of LUTs and color grading with your GX80 footage, I recommend you record in the Standard color profile and expose close to your intended final look rather than shoot in the Cinelike profiles and do a major grade later. The GX80 is 8-bit, not 10-bit, so trying to color grade 8-bit log footage will create a lot of unsightly banding artefacts.
EDIT: Forgot to mention the actual tools… Shotcut has filters called “Hue/Lightness/Saturation”, “Color Grading”, and “LUT 3D” that achieve these effects.
The colour grading filter in German is called “Farbabstimmung” and “Hue/Lightness/Saturation” is called “Farbton/Helligkeit/Sättigung”. “LUT (3D)” has no translation.
@Austin Your explanations are so detailed. Could you perhaps contribute to the documentation? Your expansive and thorough style would greatly benefit it, not to mention your vast knowledge.
Thank you for the kind words! I would like to write documentation in the near future. I am finishing a major project at the moment, so random posts on the forum is all I have time to contribute for now.