I have tried to learn the taxonomy manager in-depth. We need clarity on how to define the color in different ways in the taxonomy manager. In hovering the color option, they pop up the options as #RGB,#RRGGBB,rgb, or rgba formats with examples.
As I read the documentation but didn’t get the “requires reference” enables the option usage with an example.
These would help you in the present validation station where by clicking on the shortcut you can identify the corresponding value that is identified and the color helps in identifying that field in that color highlight
For rgb for any color you need to just give the values accordingly each would take values from 0 to 255 and according # values are also presnet in the below link
Here is a whole chart for you
And is required if uncheck then when presented the value can be typed and given …it need not be present in the document …please check below