The option "disable calibration controls for this display" just makes madVR do slightly less work to present correct colors, the idea being that if your display isn't calibrated then anything madVR does to correct the color output is a waste of time. But if your display is calibrated to a particular standard out of the box and you think it's reasonably accurate, you should select "this display is already calibrated" so madVR does the extra work. The performance difference isn't big.
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