Although this doesn't answer my RAY question, I found a solution to disable the VLINE value box: OBJPROP_BACK.
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I want to draw a vertical line over multiple windows in a chart. I cannot use a OBJ_VLINE, since I don't want the value (date) of the line displayed on the axis, and it seems that there is no way to disable/hide this value box of a OBJ_VLINE on the axis.
Hence, I tried to add a OBJ_TREND and enable the ray to show over all sub-windows:
However, the ray is only draw on one window (in this case the main window: 0). The documentation says that OBJPROP_RAY is "A vertical line goes through all the windows of a chart". What am I doing wrong?