In addition to assigning a single color to a trace, you can colorize a trace based on the result of an expression. This is a very effective way to display three dimensional data on a two dimensional graph. To do this, simply click on the Trace Color field for the desired trace in the graph's property box. This will open up the MultiColor Picker box. The table in this box works exactly like the colorization of the other component types. Simply enter threshold and color values in the table as needed. You can colorize the trace based on an expression that is independent of the trace expressions. Simply type in the expression to use in the Color based on: field. This expression will automatically be aligned to the trace if the time scaling is different.
Note: Some plotting methods do not support colorization of the trace based on an expression and can only take single colors. These methods will plot in black if colorization is attempted.