Example time... colourizing some Ha data of NGC6888. The Ha is already stretched.
Luminance: just the original Ha image
Chrominance: a copy of the original Ha image clipped and stretched with Histogram transformation. The clipping is to make a nice black background. The stretching is to make the bright areas nice and saturated (maybe too much in this quick example!)
Hue: take another copy of the original Ha data and stretch with HistogramTransformation until the peak of the curve is around 0.5. Now we'll reduce the range of the data. I want to end up with a range of colours from magenta through to orange which is roughly 1/3 of the Hue space, so I'll use the PixelMath expression "$T/3". Now I want to map this range into values from 0.85 (magenta) to 0.15 (orange) so I use more PixelMath: "iif($T-0.15<0,$T+0.85,$T-0.15)". This is complicated a bit because the reds wrap around at the value 1.0.
Now it is just a matter of using ChannelCombination in the CIEL*c*h* colour space to combine the Luminance, Chrominance and Hue data. The result is attached.
I'm assuming that the reader already has an idea of how the Hue component works in PI. If not, then that's a little research project. A good way to start understanding it is to take a look at the CurvesTransformation process with a "H" curve selected. Along the X axis you'll see the Hue values from 0 to 1.0.
Cheers,
Rick.