HLS and  YIQ in "invert" effect

Hit F1 and type in Invert (video) effect

this is so scientific it made me wonder where 'star man' ( in a convertible Tesla in space somewhere ) is located in our solar system right now.

I bet he wishes he took more CD's along.

First, note that effect is NOT 32 bit, as it does not have the 32 bit lego block icon. Be aware that all reduce color processes to 8 bits rather than Premiere's preferred 32 bit float.

Second, the information is actually in the image you provided.

HLS ... that section has three options,  Hue, Saturation, Luminance. Hue is he specific color value, Saturation is how "strong" it shows, and Luminance is how light or dark it is.

YIQ  ... is a signal and phase control. The video signal has three parts ... Luminance and Chrominance typically expressed as an equation of two parts against each other. This option uses the two axis of that equation against Luminance (Y). The i-line in the Vectorscope that is often called the skin-tone line is one. The graticule in the Vectorscope at a 90* angle to the i-line is the other option.

Neil