Quick Answer: The color of a knob's rim is directly related to its respective setting, where as the color of the bar underneath the chord symbol is a combination of all settings for this chord.
Effect of moving a knob on color of rim and barIn Liquid Notes each chord is presented as a vertical bar that contains three control elements: two rotary knobs (chords, tension) and one slider (function).
At the upper end of the vertical chord bar sit the chord symbol and a bar that is held in color. It changes color with each change of setting of the control elements for this respective chord. I.e. it is an indication that provides a summary as to how conventional or unconventional your chord sounds in terms of the listening habits in the Western world.
Each of the knob's rim is colored, too. This indication is limited to this particular setting only, again indicating the conventionality or unconventionality for this chord.
Read more on the ranking of a chord's setting from conventional to unconventional in this article - http://re-compose.desk.com/customer/portal/articles/1576662-i-don-t-understand-the-rankings-of-chords-in-the-drop-down-menu-that-sits-underneath-the-chord-bar-.