Waterfall stacking: Can you leave your tripod and ND filter at home?

I'm not sure but probably. PA has only 3 "moving objects" options: "no processing" (which I chose and from the results it's most likely an averaging), "remove/deghost" and "take from base image".

The remove/deghost is very useful and effective when you want to remove people from crowded sites  provided you have always a clear view of the background in more than one shot. The "take from base image" is nice for when you want some of those moving objects to provide some meaning for the photo and you are stacking for other technical reasons.

These work very well for clear contrast well defined objects, but for low contrast or less defined objects (like water or clouds) it's a recipe for disaster, color blocking and major artifacting.

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Duarte Bruno