Property values mode
This video bar will show the object's property values - how and when the varying properties change throughout the sequence.
Open it by clicking on the dropdown and select Property values.
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The property bar shows the name of the property, the value and when the value has been changed.
Each change/ edit to a property value receives a new color. The colors are NOT assigned to a specific value. So a value changed from A->B will not share the same color as B->A. The color only indicate that there has been a change in value not what that value is.
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If there's a object property error (e.g. the property has no value) it will be indicated by the color red along the timeline.
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If the bar is grey it means the object is not visible in that or those frames.