I know that green edging strips are used on bag tags for flights originating in the EU. Some (but not all) of the tags on bags I've checked in Malaysia have had orange edging - what does that signify? I've also seen tags with red edges - what does that signify? And are any other colors used?
Green on Handluggage is guarenteed in the cabin because it fits under the chair infront of you.
Red label are not guarenteed in Cabin. As a flight is full and very busy you're luggage may be moved and have to be picked up as normal suitcase at the airport.
I always make sure when boarding begins i am one of the first 50 person to go in the airplane. They stop you if you are one off the last to enter and the plane is full with handluggage.
The colored strips are just for the convenience of the baggage handling staff. They make it easier to find your own company’s tag or luggage. Some countries also mandate particular colors so that they know which luggage originates from which country.
As long as the colored area remains outside of the barcode’s quiet zone, they can be any color or multiple colors or even text and logos.