StretchDraw= Poor Quality, DrawAdd = Too Slow.

[theWaver]

Is there any way to draw the Elipse using semi-transparency?

Not directly. However, you could create a new TDirectDrawSurface, draw the Elipse to that using the canvas, then DrawAlpha the surface onto the screen.

And would that be any faster that simply drawing a bitmap from a TImageList using DrawAdd in the same DXDraw?