In case of MQL5 VPS: the activation is per computer (software as OS + hardware).
It means that you can use one activation on many Metatrader instances with many trading accounts within one computer.
But you may lose activation on the following cases:
- if you change some hardware in your computer, or
- if Windows 10 will be updated (Windows 10 key updates are made by Microsoft as the way of a new OS), or
- if you made a different authrization on your Windows, for example:
Forum on trading, automated trading systems and testing trading strategies
Rashid Umarov , 2021.06.03 09:42
In the Windows operating system, different authorization methods provide different system configurations:
1. Authorization by a regular user
2. Authorization by the administrator
3. Authorization via remote access (even if one of the above two accounts is selected)
Therefore, each of these cases requires separate product activation, even if the Windows version has not changed and there has been no hardware update. Check how you log in.

- 2021.03.08
- www.mql5.com
About activations in MQL5 VPS:
Rules of Using the Virtual Hosting Service - Migration
Products purchased at the Market do not require additional activation for working in the Virtual terminal. The number of a purchased Product's available activations is not decreased.

- www.mql5.com
...
I bought a EA with 5 activations.
...There are some limitations in MQL5 VPS (especially concerning EAs): dll is prohibited in MQL5 VPS (if EA is using dll so this EA will not work on MQL5 VPS), besides, EA should be coded especially for MQL5 VPS in case this EA is using some indicator (as icustom for example) or using/creating/loading some external file.
Is also depends on the following: it is for MT4 or MT5.
If MT5 so there are the following information:
For Metatrader 5 only, limitations:

- www.mql5.com
Dear readers.
I hope I can write it down so you guys can understand.
My question is next.
I bought a EA with 5 activations.
I watch the:
So, if I use this one, I will pay for VPS and lose 1 activation.
But, I plan to use the same EA at other account from my existing broker (like other one for higher risk management or even provide a signal).
So, every time I create this VPS with different account from my broker, I need to pay again VPS charge and also lose activation ?
It's is confusing, because I do everything from 1 PC.
Other solution is to rent like Google Cloud VM Instance which cost like $55/month, but at least I will lose just 1 activation, and can run many mt4 simultaneously.
No, you will only need 1 activation to install your EA on your PC, then you can use it in as many trading accounts and MQL5 VPSs as you want with that 1 activation.
As Sergey posted, you will need an extra activation if your windows updates to a major release (but for these major updates Metaquotes usually credits one extra activation), you change your computer's hardware (motherboard, hard disk or memory upgrade) or you need to install your EA on another computer.

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Dear readers.
I hope I can write it down so you guys can understand.
My question is next.
I bought a EA with 5 activations.
I watch the:
So, if I use this one, I will pay for VPS and lose 1 activation.
But, I plan to use the same EA at other account from my existing broker (like other one for higher risk management or even provide a signal).
So, every time I create this VPS with different account from my broker, I need to pay again VPS charge and also lose activation ?
It's is confusing, because I do everything from 1 PC.
Other solution is to rent like Google Cloud VM Instance which cost like $55/month, but at least I will lose just 1 activation, and can run many mt4 simultaneously.