Thank you for your answer but I shoot only in raw and I think my raw files doesn't include a jpeg thumbnail.
Besides the strange thing is that all others programs will show the raw as I expect.
You do not ever view the raw file. Your camera firmware creates a thumbnail file which is stored in the raw file header, this is the image that is displayed on your camera screen. This thumbnail reflects any special setting you may have used while capturing your image.
Your Camera Manufacturer's software will also apply all these settings when it renders the raw data to display.
Adobe Lightroom is a third party raw processing application which uses Adobe Chef's recipe to process the raw data and will build its own previews which you will be able to view in the application. When importing into Lightroom the thumbnail will be displayed for a couple of seconds before the Lightroom previews are completed.
Lightroom does not use your Olympus Chef's recipe since this is proprietary to Olympus.
In the Lightroom "Camera Calibration" tab in the right side panel Develop Module there is a choice of the following options for your camera model "Adobe Standard", this is Lightroom's recipe for you camera the other "Camera , Muted, Natural, Portrait, Vivid" are additional Lightroom recipes which try to match these settings in your Camera.
Other viewing applications will just display the thumbnail from the raw file.
Thank you for your answer: I understand that the same raw file can be interpreted differently depending on the reader's parameter.
What I do not understand is why Camera Raw behaviour seems to me to have changed recently...
Another thing I'm tryng to figure out is this: for some raw files if I do not select "apply auto tone adjustments" I see them underexposed while the camera shows me a perfect exposed photo.
Does the camera incorporates some metadata to give an hint to the raw processor or the "apply auto tone adjustments" is an adobe blind guess?
thank you this is very intersting and I tried with some files of mine.
Why do you use srgb color space? I see you too have an EM1, what settings to you use to process raw?
I am also using an EM1 and I do not find that my images look underexposed compared to the camera screen. Normally I shoot in Aperture Priory mode, Auto White Balance, ISO 200-800. Default camera options for sharpness, noise reduction, contrast, natural tone,RAW mode and do my adjustments in post processing.
On import I have the following adjustments applied +15 Clarity +10 Vibrance and Capture sharpening Lightroom standard landscape.. Further post processing per image after that.
The sRGB and AdobeRGB are for the embedded JPG previews and camera-produced JPG and therefore the in-camera histogram but have no effect on the raw. However, sometimes programs, for speed or simplicity, show the embedded JPG instead of decoding the raw file, and I'd rather it be sRGB which is the default colorspace (for most things on Windows, anyway, and browsers in general) so things look right. AdobeRGB interpreted as sRGB looks pale, and greenish.
I don't have an EM1. The raw file I uploaded was downloaded from Imaging-Resource's EM1 review so I could answer some other user's question about the camera or raw file processing:
thank you for your answer