The 6th head that you will find in the template setting page is "VirtueMart Product Tags Settings". This feature allows you to show Product Tags line New, Sold, Sale and Promo automatically based on product status. 

Lets explain these one by one:

1. Show New Tags: This options allows you to show New tag for the product whose Availability Date falls between the New Product Tag Days and present date.  
2. New Product Tag Days: Set the days for which New Product Tag will be displayed from the date of product availability. 
3. Show Sold Tags: This allows you to show Sold tag against the products if the product is not available i.e. either out of stock or availability date is set to a future date. 
4. Show Promo Tags: This option allows you to show Promo tag for the products which are assigned as Featured Products in your store.
5. Show Sale Tags: This options allows you to show Sale tags for the product which has some discount rule assigned. 

The template comes with the PSD file for these tag images and you can alter the text or color of the tags if you need by creating your own tag images using the PSD file.