The V-Ray Grid node texture generates a procedural grid pattern using custom colors. 

Line Color – Controls the color of the lines in the grid procedural texture.

Fill Color – Controls the main non-line color of the procedural grid texture.

U Width – Controls the horizontal line width.

V Width – Controls the vertical line width. For more information, see the U Width and V Width example.

COLOR

Color Mult – Specifies a multiplier for the texture color.

Color Offset – Color corrects the texture by adding the RGB color values specified here to the RGB color values in the texture.

Invert – When enabled, the resulting texture color is inverted.

ALPHA

Alpha Source – Specifies the alpha source:

Bitmap Alpha – Sources the apha from a given Bitmap texture. See the Note for information on how to connect a node here.
Color Intensity/luminance – The alpha is taken from the intensity of the connected bitmap node. It is calculated using the basic colors (red+green+blue)/3. See the Note for information on how to connect a node here.
Force Opaque – The alpha is not calculated. The channel always returns 1.0 for alpha.

Invert Alpha – When enabled, the resulting texture alpha is inverted, too. If disabled, just the color is inverted.

Alpha Multiplier – Specifies a multiplier for the texture alpha.

Alpha Offset – Specifies an additional offset for the texture alpha.

No UVs Color –  Specifies a color for areas (objects) with no UVs.

Placement– Specifies the way the valid portion of the texture is applied.

Whole Texture is Valid – Uses the full valid portion of the texture.
Crop – Allows the user to specify a section of the texture using the parameters below. 
Place – Allows the user to specify a section of the texture and how to place it using the parameters below.

Tile U/V – Sets a tiling factor for the texture.

Width – Specifies the width of the tiles.

Height – Specifies the height of the tiles.

Jitter – Controls the amount of random placement variation.

UV NOISE 

UV Noise On – Enables the UV noise.

Animate UV Noise – When enabled, the noise is animated.

UV Noise Amount – Specifies the UV noise amount.

UV Noise Levels – Specifies the UV noise iterations.

UV Noise Size – Specifies the UV noise size.

UV Noise Phase – Specifies the UV noise phase.

CONTEXT

Context – Allows the attachment of a Context node (UVW generator) to adjust the UVWs of the texture. For more information, visit the Context Nodes page.