Input and display color spaces, channels, the grading panel, curves, hue ranges, scopes and LUTs.
The player needs two settings:
The player converts from the first to the second. Getting either wrong makes a correct picture look broken.
How the input space is decided. First what the file says (camera RAW states its curve, a file can carry an OpenColorIO space name). Otherwise, the kind of file: EXR and HDR are taken as scene-linear, everything else as display-referred. Edit > Preferences... > Color sets those two defaults (Scene-linear sources and Everything else); for an ACES pipeline, set the first to Linear ACEScg. A space you pick by hand stays with the clip and is no longer re-detected.
| List | Choices |
|---|---|
| Input | Linear ACEScg, sRGB, ACES2065-1 (AP0), Adobe RGB, ProPhoto RGB, Linear sRGB / Rec.709, ARRI LogC3 (EI 800), ARRI LogC4 |
| Display | Linear ACEScg, sRGB, Rec. 709 (Gamma 2.4), DCI-P3 (Gamma 2.6), Rec. 2020 (SDR 2.4), Display P3, ACES 1.0 SDR (sRGB), ACES 2.0 SDR (sRGB) |
F2 sets the display to sRGB, F4 the input to sRGB, F5 the input to linear sRGB (Rec. 709).
C shows full color, R, G, B and A one channel in gray, Shift+L the luminance. In A/B the channel applies to both tracks; Alt+click a channel to change it on the active track only.
The Inspector's Color & Image tab is the color panel: the whole grade in one column, in the order the picture goes through it. The same functions are in the Color menu.

On the capture:
Shift+Home). The ... button holds Copy Grade, Paste Grade and Presets.On the keyboard: E enters exposure mode and Y gamma mode (drag, or use the wheel), Shift+B brightness, Shift+K contrast; Escape leaves the mode. In Levels, Black picker, Gray picker and White picker take a pixel of the picture as black, neutral gray or white; Auto sets black and white from the histogram.
The grade is saved with the playlist, follows into thumbnails and exports, and reaches the people in a review session. Save as Preset... keeps a named grade in your profile (the color_presets folder); Export Presets... and Import Presets... exchange them.
Color > Curves... opens the curves: RGB (the master), then R, G and B. The axis is ACEScct, the log encoding colorists grade in, so shadows, midtones and highlights each get their share of the curve. A click adds a point, a right-click or Delete removes it; 16 points at most. The curve never overshoots between two points, and an EXR's values above 1 are not clipped.

Color > Hue Ranges... sets hue, saturation and lightness by range: Reds, Yellows, Greens, Cyans, Blues, Magentas, plus a global Lightness. One range blends softly into the next: no edge in a gradient.
Color > Scopes (or Window > Scopes) measures the picture on screen, after the grade and the display transform, before anything drawn on top:
Black clip and White clip give the share of crushed or blown pixels. Hover a scope to read the value under the pointer; a click freezes it, a right-click offers Copy Value. Hover the picture: its pixel is marked in the scope. Closed, the scopes cost nothing.

.cube); Enable 3D LUT, or Color > Display Transform (View LUT), turns it on or off. It applies last, after the display space. In A/B each track can carry its own.If you grade a high-dynamic-range picture, keep the cache in half float: see Memory and performance.
Going further: the complete manual, part 4 (Help > User Guide).