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If I understand correctly, the EV is the 'average' the camera will aim for.
Now in manual mode it should not do anything but change how your meter will react, but I have to say I have never tried with my Mini 2.

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osmonauta Posted at 11-21 01:06
Well, in the EXIF info there's a field called "Exposure Bias". That should reflect the EV that you have set. But it doesn't. In which case what is the point of setting it? That's what MANUAL mode supposed to be. Keep the values what you set them to regardless how dark or blown out the image will be. But I don't understand why it doesn't work like this in case of this camera.

I would personally not trust the exif 100%.
There are know issues with the exif data not reflecting what the camera settings were.
Not sure if that is the case here btw.
I don't have an action 3 to test, but I can check what the mini 2 does.

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osmonauta Posted at 11-21 01:36
Well, in case of an iPhone, sure, I am not sure if the EXIF is correct and to what extent, since the iPhone (at least on the iPhone 7) there are no values that you can set. But in case of other digital cameras, and the Action 3, the “main” values seem to ve correct. Eg ISO, shutter speed all are what I set them to.

I know for sure that (for example) height is not stored correctly on my mini 2.
And I remember that AEB shots had issues too. I think it was the EV value that was not 'as expected' but so far I never bothered looking into it, since I can make it work how I want it to work. Even in manual mode.  

My guess is that with an ISO range (i.e. Auto ISO) the camera is not in manual mode, but instead tries to expose for the given shutter speed.  

I never like the way  DJI  controls things, as well GoPro.    my 2-points. thank you for hte Observation.   guess that is how it works

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I guess EV should be greyed out

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Hi, Osmonauta. Thank you for reaching out. The EV value can be adjusted manually under Auto mode and fix it to a certain value.  If you are using the Manual mode, the EV value will be changed along with the combination changes of ISO and shutter speed therefore, it can't be set to a certain value. Thank you for your kind understanding and support.

A fundamental misunderstanding which is surprising if you use other high end cameras
In the Auto mode you adjust the EV setting to what you want and it will try to reach that value - even if you restrict ISO or set shutter manually. The value will remain on what you set but if it's too dark or too bright the camera might not always be able to handle it.
In full Manual it indicates what  the EV will be for the scene in frame at your given settings so the number will change according to how bright your scene is e.g. how much sky is in frame.
Then you might want to manually adjust to achieve your desired EV

ISO 100-**** can control ev, but once you lock a 100 only the ev is chosen for you.