Color added to calendar

Hi - I'm trying to add a color to specific event types (I've added an "event type" as a custom field to all of my events). Does anyone know how to "conditional format" or assign colors to different instances of a dropdown?

Also - is Zoho going to add this color-coding feature to its calendar soon? I've seen comments here that are 1-4 years old with no definitive answers.

Thanks!