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Default Lights – Enables the usage of the default lights when there are no light objects in the scene or when you have disabled lighting globally with the Use Lights parameter.

Shadows – Enables shadows globally.

Disable Light Materials Illumination – When enabled, all self-illuminated materials used in the scene do not render. 

Light Evaluation Mode – Determines how lights are sampled in scenes with many lights. For more information, see the Adaptive Lights example below. 

Force Lights Invisibility – Forcefully enables the invisible parameter of the lights from the Invisible Lights list. Affects V-Ray Dome, V-Ray Sun, V-Ray Rectangle, V-Ray Sphere, V-Ray Mesh lights, as well as Mesh lights from Light Material with Direct Illumination enabled.

Invisible Lights – A list of objects that have their invisible parameter enabled when Force Lights Invisibility option is on.

Light Evaluation Mode – Determines how lights are sampled in scenes with many lights. For more information, see the Adaptive Lights example below. 

Full Lights Evaluation – V-Ray goes through each scene light and evaluates it at each shading point. In scenes with many lights and lots of GI bounces, this leads to a lot of shadow rays being traced and rendering can become extremely slow. When GPU rendering, this introduces probabilistic light calculations but does not allow the Number of Lights parameter to be set. Older V-Ray scenes with the Probabilistic Lights parameter disabled, will default to using this option. 
Light Tree – V-Ray selects a variable number of suitable finite light sources based on proximity and evaluates only those. This mode may speed up the Light Cache and Brute Force calculations for scenes with lots of lights. It can also reduce flickering due to missed light sources.
Adaptive Lights – Uses information from the Light cache to determine which lights to sample. If a Light cache is not used, light tree sampling is used. Depending on the scene, it can be faster than the Full lights evaluation mode. For more information, Full Lights Evaluation – V-Ray goes through each scene light and evaluates it at each shading point. In scenes with many lights and lots of GI bounces, this leads to a lot of shadow rays being traced and rendering can become extremely slow. When GPU rendering, this introduces probabilistic light calculations but does not allow the Number of Lights parameter to be set. Older V-Ray scenes with the Probabilistic Lights parameter disabled, will default to using this option. 
Light Tree – V-Ray selects a variable number of suitable finite light sources based on proximity and evaluates only those. This mode may speed up the Light Cache and Brute Force calculations for scenes with lots of lights. It can also reduce flickering due to missed light sources.
Adaptive Lights – Uses information from the Light cache to determine which lights to sample. If a Light cache is not used, light tree sampling is used. Depending on the scene, it can be faster than the Full lights evaluation mode. For more information, see the Adaptive Lights example below. 

Number of Lights – Number of lights from the scene that are evaluated by V-Ray when the Light evaluation parameter is to either Adaptive or Uniform Probabilistic. To achieve a positive effect from probabilistic light sampling, this value must be lower than the actual number of lights in the scene. Lower values make the rendering go faster, but the result is potentially more noisy. Higher values cause more lights to be computed at each hit point, thus producing less noise but increasing render times.

Consistent Lighting Elements – When enabled, provides more accurate, artifact-free lighting render elements not dependent on light sampling. It also provides better support for Adaptive dome light. 

LightSelect Metadata – When enabled, writes LlightSelect RE metadata to image headers if supported by the file format.

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Maps – Enables (default) or disables texture maps. This option is useful for troubleshooting renderings, for example for determining the extent to which texture maps are contributing to noise or other rendering artifacts.

Filter Maps – Enables (default) or disables texture map filtering. When enabled, the depth is controlled locally by the settings of the texture maps. When disabled, no filtering is performed. 

Filter Maps For Glossy/GI Rays – Enables filtering for glossy and GI rays.

Uninverted Normal Bump – When enabled, the normal bump in tangent space is not inverted on flipped UVs.

Max. MipMap Resolution – Sets the maximum resolution used while render for mipmaped files. If set to 0, the original file resolution is used.

Cache Size – Specifies the size (in megabytes) of the cache for tiled OpenEXR files. When the texture cache is full, part of the tiles are flushed to make space for loading new tiles as needed.

Bitmap

Global No Bitmap Override – When enabled, uses global override for "no bitmap color" for all bitmap textures.

No Bitmap Texture – Specifies a texture to be used if bitmap is not resolved.

No Bitmap Color – Specifies a color to return if bitmap is not resolved.

Bitmap Cache

Cache Bitmaps Between Renders – Keeps all loaded textures in the memory after the rendering is complete. Thus, they don't need to be reloaded and the next render can start faster.

Clear Bitmap Cache – Manually clears the bitmap cache from the previous render, enabled with the Cache Bitmap Between Renders option.

Out Of Core (WIP) – Enables an experimental feature for evicting triangle meshes out of the GPU memory when they are no longer needed in order to make room for other resources, once the GPU device(s) run out of memory. This option is available for V-Ray GPU only and is not yet supported for RTX.

Abort Rendering On Missing Asset – When enabled, the scene does not render if an asset fails to load.

Low Thread Priority – When enabled, uses below-normal worker thread priority, giving more CPU time to other running tasks

Render threads – Determines the number of threads used for rendering. When this value is set to 0, V-Ray uses all the CPU cores available on the machine. 

Don't Render Final Image – When enabled, V-Ray only calculates the relevant global illumination maps (photon maps, light maps, irradiance maps) and the final image is not rendered. This is a useful option if for calculating maps for a fly-through animation.

Secondary Ray Bias – A small positive offset that is applied to all secondary rays; this can be used if you have overlapping faces in the scene to avoid the black splotches that may appear. For more information, see The Secondary Rays Bias example below.

Clamp Max Ray Intensity – Uses the Max ray intensity value to suppress the contribution of very bright rays, which can typically cause excessive noise (fireflies) in the rendered image. The Max Ray Intensity value is applied to all secondary (GI/reflection/refraction) rays as opposed to the final image samples, allowing fireflies to be effectively suppressed without losing too much HDR information in the final image.

Max Ray Intensity – The maximum ray intensity when Clamp Max Ray Intensity is enabled.

Note: The effect of using Max Ray Intensity and Clamp Max Ray Intensity is similar to the effect of using Subpixel Mapping and Clamp Output options on the Color Mapping tab. Similar to the Subpixel mapping option, Max Ray Intensity introduces bias in the rendered image, and it might turn out to be darker than the actual correct result.to be darker than the actual correct result.

GI Texture Filtering Multiplier – Controls the filtering of all the textures in the scene when Global Illumination is calculated. Greater values make textures blurrier while smaller values make them sharper.

V-Ray Profiler

Mode – Determines the mode in which V-Ray Profiler works.

Off – V-Ray Profiler is disabled.
Simple – Reports the time spent on rendering different calculations per each shader such as GI, Reflection, Refraction etc. This mode is good for diagnosis on most scenes.

Full – Provides an in-depth report. It includes detailed information such as time of calculation per shader e.g. how much time is spent calculating the reflection of a shader, as well as what shaders are reflected in it and how long it took sampling them. This mode is suitable for scenes that include views through glass window or in a mirror reflection. This mode can slow down the render by up to 20%.

Output Directory – Specifies a location where the profiler reports are created.

Filename – Specifies a name for the profiler report files.

File Suffix – Specifies a suffix that is appended at the end of the profiler report files.

For more information, see the V-Ray Profiler page.

Memory Tracking

Enable Memory Tracking – Enables tracking of how much memory is used by V-Ray for different categories of objects like textures, geometry, GI, image sampling, etc. Enabling this option generates .html reports with detailed information on memory usage.

Output Directory – Specifies the location to save the memory reports after the rendering is finished.

File Suffix – Specifies a text that is appended to the Memory Tracking result file namesGI Texture Filtering Multiplier – Controls the filtering of all the textures in the scene when Global Illumination is calculated. Greater values make textures blurrier while smaller values make them sharper.

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