1. A method of reducing noise levels in an input video signal comprising pixel data, the method comprising: receiving input pixel data of the input video signal, wherein the input pixel data comprises luminance data and chrominance data; estimating a noise level of the input video signal using the luminance data of the input pixel data; identifying a plurality of filter parameters based on the estimated noise level; filtering the input pixel data using a three dimensional spatiotemporal noise reduction filter that is controlled by a first set of the plurality of filter parameters; filtering the filtered input pixel data using a one dimensional temporal noise reduction filter with motion compensation that is controlled by a second set of the plurality of filter parameters; and generating a noise-filtered video signal comprising the filtered input pixel data from the three dimensional spatiotemporal noise reduction filter and the motion compensated filtered input pixel data from the one dimensional temporal noise reduction filter.