Thanks, that worked.

I downloaded the full bundle but in External Filters there was nothing there, I added the ffdshow raw video filter like the screenshot and tried again but still the same message.

I looked in the internal filters section but I'm not exactly sure what I'm supposed to be checking for? All I did was download and install SVP, change my default player to MPC-HC and try it out with an .mp4 file as well as a youtube video with svptube, were there any other steps I missed to get it working properly or is it supposed to be that simple?

It says "Waiting for ffdshow video".

As above, the video plays in MPC-HC but my CPU/GPU are barely being used and the video certainly doesn't look any smoother than normal. What gives?