Yes, so it looks like a ripply drop shadow to the right of graphics.
I had this with my previous configuration, a CRT monitor (now RIP) connected to DVI via adapter cable. Either DVI impedance is wrong, or the adapter cable is terrible (despite not being very long, electrically), because I always had reflections, most noticeable after sharp vertical transitions (black to white / white to black).
The display itself should be properly terminated so that source termination doesn't matter (no wave is reflected from the monitor, to reflect off your source mismatch and hence return to the monitor), but if that assumption isn't true, you will see echoes.
You may also want a buffer, as FPGA pins tend to be quite weak and not specified for DC current flow. A few 74LVC17s will do.
But also, if you're planning on more than just a few bits, please, just get a proper DAC. You can't match discrete resistors nearly well enough to give that kind of color depth, and DACs are cheap, even quite fast ones like for VGA.
As for reflections themselves, the ratio between characteristic impedance and termination impedance gives the reflection coefficient (of a sort). So a 1V step into a 60 ohm terminated 50 ohm line (20% mismatch) will reflect 0.2V, and so on.
More exactly, these terms are defined like so:
https://en.wikipedia.org/wiki/Reflection_coefficientThe textbook approach to calculating transient transmission line voltages, is to draw two vertical lines, and a diagonal line bouncing between them. Each touch is an event, and labeled with its corresponding change. The vertical axis represents time, and the horizontal axis represents position on the line, so that the diagonal slope is the speed of light in the line (characteristic velocity). The first event is a stimulus, a wavefront, e.g. a step voltage change; the amplitude of that event is reduced by the reflection coefficient on every bounce, and so eventually decays to negligible levels as you go down (unless of course you have a coefficient greater than 1, which is possible with negative resistance elements -- amplifiers). Each stimulus event launches a diagonal line, so you can calculate what the sum effect of, say, multiple square wave pulses or steps is.
Of course this is less convenient for continuously changing signals like sine waves (or gradient graphics), in which case you break out some calculus, and the length and reflection will be expressed as vector quantities (magnitude and angle), and so trig functions pop up.
Tim