I believe you're asking how you can color the text within a column in response to certain criteria.
This feature is located at
Preferences>Look and Feel>Column Coloring tab.
You will need to set a rule and choose a color:
Set column <custom column> to <color>
If the <custom column> has <condition>
Your choice of colors can be seen here
Wikipedia: Web Colors
Setting the variables is pretty straight forward. The column names and colors are from a dropdown list; the condition is whatever you're looking to test or match.