Trace Depth – Represents the maximum number of bounces that are computed for reflections and refractions. The individual material reflection/refraction depth settings are still considered, as long as they don't exceed the value specified here.
Ray Bundle Size Size – Controls the number of rays that are sent to the V-Ray Interactive render servers for processing. When using distributed rendering, the smaller sizes cause more frequent client/server communication with smaller network packets, thus decreasing the speed of the renderer but increasing the interactivity. Note that this number is not the exact amount of rays, but is proportional to it. It is not recommended to increase this value beyond 512.
Rays Per Pixel – The number of rays that are traced for each pixel during one image pass. The greater the value, the smoother the picture from the very beginning of the rendering with GI, but interactivity may be significantly diminished. Increasing this value also reduces the amount of data transferred from the render servers back to client machine.
Undersampling – When set to a value greater than 0, during interactive updates, the image is rendered initially at a lower resolution in order to speed up the preview of the updates. Once you stop updating the model, the image is rendered at its final resolution The optimal value for Undersampling is the default one.
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V-Ray 6 adds support for the Light Cache GI engine in Interactive, which allows using the Auto camera settings, as well as the adaptive lights settings in Interactive, too.