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After updating to 1.4, you can add material to the fluid itself and change both fluid and material color in the animation menu and ME.
You got 3 material type : opaque, transparent and custom.
I never able to load opaque material, seems like this is the default one.
So if you want to add color, use custom instead.
Also you can control the fluid properties such as fluid count, speed, emitter size etc.
But from my experience, it often happened to me that the configured fluid always return to default value after reloading the scene.