hue saturarion value... like any hsv colorselector. Play with them to see the changes on b the left. The last slider is alpha. all as per the color preview you have in the slider. The scheme... what scheme? Terminals support colors to display with for the output. This let'ls you customize the colors used. The color you are changing is on the left. Modify the red or white or grey or black or green etc as you see fit. To enable your custom scheme enable "use" otherwise it's not used and theme defaults are used.
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