API drawing fuctions work surprisingly well with Visual Basic drawing properties (DrawWidth, FillStyle, etc.) so use the properties to define the appearance of the ellipse. Then call the Ellipse function.

Private Declare Function Ellipse Lib "gdi32" (ByVal hdc As _
    Long, ByVal X1 As Long, ByVal Y1 As Long, ByVal X2 As _
    Long, ByVal Y2 As Long) As Long

Private Sub Form_Load()
Dim X As Single
Dim Y As Single

    AutoRedraw = True

    ' API functions always draw in pixels.
    ScaleMode = vbPixels

    ' Draw a background.
    DrawWidth = 3
    X = -ScaleHeight - 5
    Y = -5
    Do While X <= ScaleWidth
        Line (X, Y)-Step(ScaleHeight + 10, ScaleHeight + _
            10), vbRed
        X = X + 20
    Loop

    ' Draw a filled ellipse.
    DrawWidth = 5
    FillStyle = vbFSSolid
    FillColor = vbYellow
    Ellipse hdc, ScaleWidth * 0.1, ScaleHeight * 0.1, _
        ScaleWidth * 0.45, ScaleHeight * 0.45

    ' Draw a hollow dotted ellipse.
    DrawWidth = 1
    FillStyle = vbFSTransparent
    DrawStyle = vbDot
    Ellipse hdc, ScaleWidth * 0.55, ScaleHeight * 0.55, _
        ScaleWidth * 0.9, ScaleHeight * 0.9
End Sub