In the HSV color system, the value of a color is its brightness, also known as luminance, and ranges from 0 to 100%.
Examples of different values of green:
Any color with a 0% value is black, and any color with a 100% value is white. In other words, in these two extreme points, the saturation and hue properties of the color become irrelevant: in darkness, any color appears as black. In the region between, the saturation determines how saturated (vs. grey) the color is, and the hue determines its position on the spectrum (e.g. red, yellow, green, blue).
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