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The question assumes you've got only one color in your shot, as in a full field of red. That is not usually the case with video.
If you have, as most video does, a full range of color in your shot, and you need to color correct the shot, there are a plethora of tools available in the Color Correction effects folder.
A full study on how best to use them goes way beyond the scope of any forum.
If that button existed, there would be alot of colorists out of work!