Merge Layers Non-destructively in Adobe Photoshop

Adobe Photoshop have one very useful function which is not listed in any menu or context menu. That function is to merge all visible layers from selected and below without to flatten them (you can use this function and without top most layer selected but merged layer will be created above currently selected in Layers panel). Function is also available and without any layer selected and merged layer will be created on top of layer stack in that case.

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