Your graphic card might not support it (color controls are part of the graphic card hardware).
The Overlay Mixer or VMR9 Video Renderers aren't in use (color Control requires either Overlay Mixer or VMR9 to work).
When using the VMR9 (Video Mixing Renderer 9) Video Renderer, not all cards have the hardware or driver support
for the color control interfaces. VMR9 is based on DirectX 9 technology and some older card may lack the hardware
for color control when using VMR9. Make sure you have the latest driver when attempting this.
