Oh boy, the original tool for timing Peugeots was a feeler guage, rod and set screw arrangement, part no. 69258, with no colors. Sears makes a small engine timing tool, part no.38672. It's a bit pricey, but if you do a lot of small engine repair it's worth it. Phone 1-800-377-7414 to order it by phone. Or you can hacksaw up an old spark plug, remove the porcelin, put a marked wooden dowel in the center and use it as a guage. I don't know what that color code thing is that you've got, and unless you've got instructions for it, which you obviously don't, I wouldn't use it.