This is a simple effect; it adjust color balance of the existing color image based on user settings. The color balance operations operate directly on the red, green, and blue channel pixel values of all frames in sequence, without respect to any color sensing.
It is possible to adjust the brightness of the Red, Green and Blue color channels separately by using the sliders.
This choice of effect settings significantly decreases the brightness of the red and gree channel of the image in the time lapse software.
Note: this effect is available in the free version of Time-Lapse Tool.