While LED color selection varies by model, there are typically several options to choose from for each type of display.
Monochrome LEDs
An LED pixel that is capable of producing a single color. Hi-Brite LEDs for better readability under high ambient light conditions are available for some monochrome colors in some models. As a rule of thumb, the more colors your display is capable of showing, the higher the cost of the LEDs. Monochrome color selections typically include: Red, Green, Amber, Blue
Monochrome with Shades of Gray
Certain outdoor technologies allow monochrome LED displays to set each pixel to 256 intensities of light to present impressive image detail on a monochrome sign, much like black and white photographs.
RG Tricolor (aka: bicolor)
A single LED pixel that is capable of producing light in red, green and amber.
RGB - 64 Color
An LED pixel capable of producing a limited color spectrum of 64 hues by mixing intensities of red, green and blue light. Specific colors represent all major color families, but subtle shading within the hues is not available.
RGB - Full Color
An LED pixel capable of producing colors in trillions of hues to produce true full color images with the richness provided by subtle shade variations
The following illustrations demonstrate images as they might appear on different color LED displays that are capable of producing these image types.
Color-rich photographic and video images
RGB full color RGB 64 color RG tricolor 256 shades mono Monochrome
Animation and graphics with moderate shade variations

RGB full color RGB 64 color RG tricolor 256 shades mono Monochrome
Text and logos with few shade variations

RGB full color RGB 64 color RG tricolor 256 shades mono Monochrome