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If it shows SVRT track in red colour means SVRT option in Produce cannot be selected and also the Intelligent SVRT is actually the Intel Quick Sync Video option, am I right to say this?
No, the second part is not quite correct.
IF there is a profile that will allow PD to use SVRT, it will show up when you run the Intelligent SVRT tool, and you'll see a significant amount of green if you go back to the
Edit page and look at the SVRT track.
If there is
NO SVRT profile for your timeline content, the SVRT track will be shown as red. End of SVRT story.
The other producing option is whether to use
Fast video render technology or not.
When that is selected and SVRT is not available, in your case that means you're telling PD to produce the project using Intel QuickSync. People with different hardware configurations will see nVidia or AMD hardware encoding options.
If you
deselect the Fast box, that means you're telling PD to produce using
only your CPU. No hardware encoding is done at all. This option is typically the slowest, but it's useful if the quality of the produced video suffers when using hardware encoding. Think "getting it done quickly" vs. "getting it done right."
Most of the time, having the Fast box checked is the best choice, and when SVRT is available, that's by far the fastest way produce a finished video. Using QuickSync/nVidia/AMD hardware encoding is usually the right call when you need to fully produce a project.
Generally speaking, you'd only want to uncheck the box if you saw problems in the finished video, like blocky-looking sections or transitions that didn't flow smoothly. Using the CPU should give you a smoother output, but with increased time needed to produce the video.