The color pallete used within this script is a full spectrum "web safe" format with 216 colors to choose from.
Colors are easily modified via the RGB inputs. The designated color selector function takes in the RGB values and returns the corresponding hex color.
Transparency can be modified as well. However, the color.new function only supports constant integers for transparency value, so it has to be manually adjusted within the code.
On line 42, you'll see a variable within the color selector function named trans. This is the transparency value, which can be set to any integer from 0 to 100. I have it set to 0 by default.
I included a sample label to demonstrate how the color editor works. It also displays the hex codes for the current label and text colors for some additional reference.
Implementing this in your own script is pretty straightforward.
All you need to do is copy the color selector function and inputs (feel free to name them whatever you want) into your desired script. Then, you can use them to declare your color variables.
-> Added a sample line for additional demonstration.
-> Reorganized script structure.
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.