When you edit an event you can see a color section on the right sidebar.
You can select a color from the pre-defined ones:
Or you can just set your own custom color:
Event Colors in MEC Shortcodes
Here you can see event color on different shortcodes:
Novel Style
In this style, the event background color will be shown as you set.
Classic Style
In this shortcode, you can see the little circles that indicate event color.

You can also set the color per category. For more information please check this link.

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