Statuses show the current stage of an item in a process—whether it’s just starting, in progress, waiting for review, or completed.
How to Create New Status Colors
The system administrator can add new colors and define descriptions to match the processes in the organization.
Steps to Set New Colors:
Go to the Library and select the Glossary option.
On the screen that opens, click "Create a new status color."
Choose the desired color, then define a name for the status and a description to explain the meaning of the color to the group admins.
Once the new color is created, it will appear in the column color setting option within the group.
Please note that, like the red and orange colors, items with custom status colors will also appear in your Agenda, To Do list in your Action Center, and in your Ongoing Tasks view.