Color Code Type
Yellow (HE) explosive and explosive arsonist
Black (AP) Armor-piercing
Blue (I) Arsonist
Gray -- Training
Red Band clearly (T) tracer
Dark red Band -- night tracer
Green Band SD Auto-explosive
Yellow Band (APHE) Explosive armor piercing
Blue Band (API) armor-piercing Arsonist
After 01.05.1942: "M" = Mine "Ph" = Match "E" = Electron
These came from the Brazilian (?) site http://www.luftwaffe3945.hpg.ig.com.br/municao.htm
and I used a translator so some things may not look right.
I assume arsonist=incendiary