I need to make my images broadcast safe- there were a few hot spots on our actors heads where the light was set too bright. I know that a yellow exclamation mark indicates that either the luminance or the chroma is a problem, but how do i know which is the problem? And how do I fix it?
Use broadcast safe filter. If you need to fix footage in regard to color/exposure use filters for color correction. There is no need for guesswork - use scopes to read and analyze data from footage to make informed decisions.