Simply great images. HDR Imaging done right. Picturenaut is an image editor focused on HDR generation from a series of bracketed exposures, tonemapping, and HDR editing.

What image formats are supported by Picturenaut?
HDR Formats
1. PFM (Portable Float Map)
2. HDR (Radiance)
3. EXR (OpenEXR)
4. TIFF (32-bit Floating Point)
5. TIFF (LogLuv)

LDR Formats
1. JPEG
2. TIFF (only RGB color space)
3. TGA (Targa)
4. RAW (all flavors)

Nowadays there are several applications for all these tasks coming from the photographic side of HDR imaging, which all concentrate on giving beginners an easy start by compromising control for advanced users.

Picturenaut can load RAW files directly. This feature is using Dave Coffins dcraw.

Just like any software that relies on dcraw, the quality of the conversion is limited. If you want to create an HDRI with the best possible quality out of bracketed RAW files, you need to develop them in a dedicated RAW converter first. Lightroom, DxO, Adobe RAW, they all have an army of programmers available to give you a better conversion. Use the same settings for white balance, and do not perform any exposure adjustments during this conversion. It's also recommended to turn off sharpening, highlight recovery, and other image enhancements. Make sure the EXIF data is retained, and save as TIFF files.

The license of this software is Freeware, you can free download and free use this graphing software.