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Photomatix Essentials is a standalone program for HDR image creation and processing. It features HDR tone mapping, exposure fusion, automatic alignment of hand-held photos, automatic removal of ghosts, and option for reduction of noise.

Features:
HDR processing from JPEG, TIFF, PSD and RAW files.
Automatic alignment of bracketed photos.
Automatic removal of ghosts.
Option to pre-process photos with high quality noise reduction.
Reading of exposure information from Exif data.
Three HDR processing methods: Exposure Fusion (for "natural" look), Details Enhancer Tone Mapping (for creative work) and Tone Compressor Tone Mapping.
Dialog with preview for adjusting the following settings:
Exposure Fusion: Accentuation, Blending Point, Sharpness, Color Saturation, Midtones contrast.
Details Enhancer: Strength, Color Saturation, Smoothing, Luminosity, Microcontrast.
Tone Compressor: Brightness, Compression, Contrast Adaptation, Color Saturation, Color Temperature.
One-click presets showing as thumbnails.
Ability to adjust alignment and noise reduction options on Preferences panel.
HDR processed image can be saved as JPEG or 16-bit TIFF.
Color managed display.