ARRI Projection HDTV - Manual (Page 31)

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in which those areas are indicated can be choosen
(preferable a color which is not so present in the images)
and how to show the distance of those colors to the gamut.
fixed color :
All out-of-gamut pixels are drawn with the out-of-gamut
color selected in preferences.
blend to fix color :
The color of all out-of-gamut pixels is smoothly blended
with the out-of-gamut color selected in preferences. The
mixing ratio depends on the distance of the color to the
gamut, so that colors being far outside the film gamut
finally are displayed in the out-of-gamut color only.
color distance mask :
In gamut pixels are displayed as gray, while out-of-
gamut pixels are blended between the gray and the
original color. The more saturated a color appears in
this view, the more it is out-of-gamut. Note that since the
blending is done between the gray and the original
color, turning proof on has no effect herewith.
Color Management
5.1.3.