Aqua / Black = Sprites
Red / Grayish-Red = Counterhit Hurtbox
Yellow / Green / Purple = Regular Hurtbox
White / Grayish-Purple / Orange = Attack hitbox
IN MOAR DETAIL.
Aqua = Normal anyday sprites
Black = Grabbed state sprites
Red = Standing normals counterhit hitbox
Grayish-red = Counterhit extension hurtbox
Green = Extension hurtbox
Yellow = Hurtbox
White = Normals
Grayish Purple = Special Moves
Orange = Projectiles
Blah, there's more but that's all you really need to know. Most purplish shades of the normal variety are the same, just during a jumping / special move.