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[Augusto1987]

No, eso es lo mismo de antes. Lo que yo buscaba era esto:

Dim draw As Boolean
Dim d, c

Private Sub Form_MouseDown(Button As Integer, Shift As Integer, X As Single, Y As Single)
draw = 1
c = X
d = Y

End Sub

Private Sub Form_MouseMove(Button As Integer, Shift As Integer, X As Single, Y As Single)
If draw Then
Cls
a = X - c
b = Y - d
Circle (c, d), Sqr(a * a + b * b)
End If
End Sub

Private Sub Form_MouseUp(Button As Integer, Shift As Integer, X As Single, Y As Single)
a = X - c
b = Y - d
AutoRedraw = True
Circle (Form1.CurrentX, Form1.CurrentY), Sqr(a * a + b * b)
AutoRedraw = False
draw = 0
End Sub