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Light Color – Controls the color of the light material.

Color Multiplier – A multiplier for the Light Color. For more information, see the Default Color and Multiplier Values example and the Textures example below. 

Transparency – A texture to use as transparency for the material. Note that making the material more transparent does not affect the intensity of the self-illumination color. This is so that you can create perfectly transparent materials that still emit light.

Double-Sided – When enabled, the material is double-sided.

Emit On Back Side – When enabled, makes the object emit light from its back side as well. If this is off, the material is rendered as black on the back sides. For more information, see the Emit On Back Side example below. 

Compensate Exposure – (used when rendering with the V-Ray Physical Camera) When enabled, the intensity of the material is adjusted to compensate for the camera exposure.

Multiply By Opacity – When enabled, the color of the light material is multiplied by the Transparency texture. Otherwise, the color and transparency act independently (so-called additive transparency).

Direct Illumination – When checked, all objects that have the particular V-Ray Light material applied to them, are considered mesh lights and emit direct light.