There are following options under this menu item:
Gray Scale Hue Color Tri-Color 1 Tri-Color 2 Set Colormap Reverse Colormap Inverse Colormap
Gray Scale
Hue Color
Tri-Color 1
Tri-Color 2
Set Colormap
Reverse Colormap
Inverse Colormap
These color options will be active only if the data is displayed in image form.