it is a bit of a hack to say the least. i grab the normal, tangent and bitangent. make a matrix and transform the raydir into it. use the X and Y coords of that to offset the uvs based on the height in a bitmap. (i do a little loop to incremetally do this but thats just for quality.)
here is the Parallax mapping hipfile. could be fun for decals and such.
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http://fx-td.com/houdiniandchill/wp-content/uploads/discord/20251109/25/25/parallax.hiplc
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