The cover colors have an entry on the help screen but the meaning is pretty basic:
- Green - you get full cover
- Orange - you get half cover
- Red - you are flanked so no cover
There are definitely a few cases where it is confusing and we have those on the list to resolve before launch. Most notably:
- when two pieces of cover form a corner
- when you and the enemy are using the same cover some weird things are happening
For the cover angles here's a quick drawing illustrating how it should work. The angle is based on the player position to the cover and then the enemy position relative to the player.