What is the unit of measurement for the scale on the left? Is it airspeed, airtemp?
The colors are the different echo intensities (reflectivity) measured in dBZ (decibels of Z) during each elevation scan. "Reflectivity" is the amount of transmitted power returned to the radar receiver. Reflectivity (designated by the letter Z) covers a wide range of signals (from very weak to very strong). So, a more convenient number for calculations and comparison, a decibel (or logarithmic) scale (dBZ), is used.
These values are estimates of the rainfall per hour, updated each volume scan, with rainfall accumulated over time. Hail is a good reflector of energy and will return very high dBZ values.