How to read a target bar

How do you read the color bar when making a shot?

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That's called the "shot breakdown bar," and has been disabled in the base-game. You need a mod or .ini tweak to enable it. The two I could find that add it are Perfect Information and Tactical HUD Tweaks

From the latter link:

Red = Hit, but not Crit
Yellow = Crit
Green = Graze
Gray = Miss


You still have all the numbers all around the bar. From the numbers given, I deduce that red is "normal hit", yellow is "critical", green is "dodge", and gray is "miss". Snipe away!