The Color Palette
The color palette lets you edit the colors of Max objects. Colors are specified with red, green, blue, and alpha values. Messages to set colors are usually a list of these four values, which range from 0 to 1. Alpha controls the transparency of the color, with an alpha of 0 being completely transparent and and alpha of 1 being completely opaque.
The color palette is used to edit color attributes and settings in inspectors such as these:
Color attributes consist of four numbers that range from 0-1: red, green, and blue components plus alpha (transparency). More information on color attribute data formats.
Showing the color palette

Three ways to edit colors
The color palette provides several methods for specifying colors. You can:

Color component number formats
The three buttons below the color sliders select the numerical format of the color components.

Storing a color into a swatch location

Saving a swatch file

Loading a swatch file