This event can be acomplished at least daily, not sure what the min. time is as my group did it and we left for the night. We then came back and did it again the next day.
The 8 you have to clear are around lvl 60, the 4 that spawn after that around lvl 62/63, the 2 after that are lvl 65, Protector of Fire is yellow to 65.
Was able to do Ring 4 boxing: 65 sk 65 enc 65 cleric 65 druid
Pulled all mobs to small bridge before room, had to deal with 1 repawn of the magma there and wandering fireborn.
Since it is not posted here, I will explain what my group did to get him to spawn.
The first lava room with the crisscrossing bridges is where it takes place. Make sure and sit OUTSIDE of the room and pull all of the lava elementals to your group. (Take this advise, we learned the hard way) If you sit in the room and wipe all the mobs when the first wave pops, they all will agro you. Once you have that first room cleared, wait a couple minutes and the ring event will start. The first wave is 4 level 63 elementals. They wach spawn one in the middle of each bridge and can be single pulled (we used pacification just to be safe). The second wave is two level 65 mobs across from each other. Easily single pulled without need for pacify. Then the Protector of Fire spawn in the middle of the room. Each wave will only spawn if the prior wave is killed, so you don't have to worry about the mobs piling up on top of each other.
The Protector is a wuss if you are prepared for him, make sure and have someone keeping the agro and someone healing that person and you have it set. He can only be partially slowed and does hit for close to 500 in quads. With our normal group (2 65 rangers, 65 pally, 65 enchanter, 65 cleric and 58 shaman) he is cake and no problem whatsoever. But, once we traded out one of the rangers for a 61 mage and couldn't take him, tried 3 times.
The three times we killed him he dropped the Flamerock Bracelet and nothing else.
ring event? He was standing in the middle of the elemental bridges the other day for me. we killed him and he dropped a ring .. not the one with the clr dru shm EE4 but the one with wis int and the other stats for all all. so he is a random spawn as well.
the lvl is wrong on him.. he is yellow to a lvl 64 and 65 so that makes him lvl 66... unless he varries in lvl...
it's a pretty easy ring event to do too... first wave is 5 easy mobs... second is 4 lvl 63 mobs third is 2 lvl 65 and the last is him... easy enough to slow too