I see. That Graphic card is pretty low end so that's most likely the problem since everything else looks fine. I guess madVR is more demanding than I thought by default.
First, make sure you have the latest driver available for your graphic card since newer driver are often better optimized for speed.
Then there's a few other things you can try in madVR options to gain performance.
Make sure the anti-ringing and linear light is disabled for all 3 scaling algoriths.
In rendering, general settings, you can try to check both delay playback options and use separate device options.
In trade quality for performance, checking any of those options will help if they apply to the type of video you watch.
The 16bit buffer instead of 32bit should have the biggest effect since it applies to everything followed by the 2 10bit instead of 16bit options.
If that doesn't work and you don't watch 10bit video(mainly used for recent anime and my JAV mkv encodes), then you can try to enable DXVA2 copy-back in LAVfilters video configuration under hardware acceleration.
If you still can't get playback without dropped frames, you should forget about madVR until you upgrade your graphic card and use EVR CP(Enhenced Video Renderer (custom presenter)) as your renderer instead of madVR. It relies more on the CPU if I'm not mistaken so it shouldn't have problems with playback.
I see JanWilliem32 has made a lot of amelioration to it since I last checked and has added a lot of resizing options(which now makes my previous statement about other renderers completely untrue).
If you're using his version of MPC-HC as recommended by the first guide and video are playing properly, then I'd give Lanczos3 resizing a try(in options, playback, output) instead of Bilinear if your PC can handle it.
Another thing you can try to get better quality is right-click on the player window, Renderer Settings, Presentation and use the highest bit of surfaces your PC can handle.