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Value at Risk is a risk measure used by financial analysists. It describes your potential loss at a given confidence level. Specifically, at a 99% confidence level, your value at risk is your minimum expected loss over 1% of the trading days. See the related link for a detailed discussion, and an Excel spreadsheet to calculate Value at Risk
The expected value of a Martingale system is the last observed value.
For a population the mean and the expected value are just two names for the same thing. For a sample the mean is the same as the average and no expected value exists.
The expected value is 7.
Expected value is the outcome of confidence of how probability distribution is characterized. If the expected value is greater than the confidence interval then the results are significant.