for /f "tokens=*" %%x in ('dir /b *.m2ts') do (
echo %%x
x264.2597kMod.x86_64.exe --crf 18 --preset veryslow --keyint 960 --merange 24 --subme 10 --aq-strength 1.12 --fade-compensate 0.64 --output "%%~nx.mkv" "%%~nx.m2ts" 
)