Make sure that you have a color wheel and value slider in your widget. It makes sense if they are next to each other but that is up to you. For example like so:
Then select your color wheel and in the details tab scroll to the bottom where you can add the OnColorChanged event. Do the same for the slider and add the on value changed event:
Now in your EventGraph you should have two events like here:
Then search for the function GetColorByWheelAndSliderRefs and connect the pins with ColorWheelRef and ValueSliderRef like here:
Additionally here is an example where it executes something - a print string to print βHelloβ in the color you picked. You can do this example to test it. Also, what you can see here is that the two events OnColorChanged and OnValueChanged are both connected with the Print String - so make sure whatever you execute here (instead of the print string) connect it with both events.
Instead of the print string color you can use the color now to set other things as for example the brush color of another widget or you can update a dynamic material in an actor (you can find an example of that in the map Demo_ColorWheel_01).