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Color Balance

Video Color Balance is a great effect to use along with Brightness/Contrast and Hue/saturation to try to compensate for possible errors in filming (low lighting, for example). It can do so much without greatly lowering the quality of the video. With it you can change the colors being sent to output CMY (Cyan, Magenta, Yellow) or RGB (Red, Green, Blue). Color Balance is also keyframable.

Since complementary colors are neutralized, to eliminate a color cast, the pertinent slider is moved in the direction of the complementary color. Clear buttons are present to reset its slider to default without affecting others. If you Lock parameters you get the same Color Offset, that is the fourth color wheel in the grading programs. The parameters of the plugin are:

CMY/RGB sliders:
  allows you to adjust the colors.
Preserve Luminosity:
  Adjusts colors while keeping the overall brightness constant.
Lock Parameters:
  works as a Color Offset.
White Balance
  used in conjunction with the color picker on a neutral color of the output, it will automatically balance the white.