The settings and the button of the Microphone are placed on the right side of Virtual Studio as indicated in the picture below:
Click on the button Settings to access the configuration of the Microphone settings.
A popup window will appear:
Here it is very important to select the correct microphone source. Pick from the drop down menu the microphone source you want to use.
If you selected the correct microphone source and start talking or making some noise for testing you should be able to see on the Silence Level indication a green bar bouncing depending on the level of the noise/talking.
If you want to have the Microphone open and close automatically once it detects your voice you can do so by setting the Silence Level and Silence Timeout accordingly.
The Silence Level is the level of sound above which any sound detected will open the microphone. If set to low level it will open easily when a slight sound is detected. This can also depend on the microphone you are using.
Once silence is detected then there will be some time after which the microphone will close. This time is set by the Silence Timeout.
Test these levels and configure them as you wish by clicking on the Simulation button to listen to yourself speaking. Don't worry, while you do this you are not heard on air.
While you have the Simulation button On check also the Mic level and Deck Volume Sliders and adjust them according to which level you want the music to have while the Microphone is opened.
Once you are done click on Save and Close.
When you are ready to speak click on Mic button to open the Microphone and broadcast on air. You can quickly adjust the Microphone level from the slider that is beneath it. You can also open and close the Microphone clicking on the 'm' button of your keyboard.