I was trying HDRMerge with three files, of which the one with longest exposure is actually sufficient: it has no overexposures and, due to having largest signal, has smallest SNR. But for some reason HDRMerge decides to place some underexposed data in place of the brightest parts of the image, resulting in very visible noise which stops outside of the bright part of the image.
Here's a link to the example three bracketed photos: Google Drive link. Steps to reproduce the problem:
- Run HDRMerge
- Uncheck all the checkboxes (alignment, cropping and custom white level)
- Press Add, choose the three photos (I used Ctrl+A to select them, they got listed in alphabetical order in File name field)
- Open, Accept, File_→_Save HDR..., Save
Resulting image: Google Drive link.