selected color: #1e88e5
Live Code Example:
<md-color-picker color-margin="6" colors-per-row="5" color-size="54" default-tint="500" fixedMinHeight="true" palette="material-full" use-spectrum-picker="true" value="#1e88e5"><md-color-picker>

Note: In html the attributes are seperated by a hyphen instead of using camelCase in JavaScript

Attribute (JS / HTML) Value Description
colorMargin / color-margin (in px) The distance between the colors
colorsPerRow / colors-per-row The number of colors per row
colorSize / color-size (in px) The size of each color circle
defaultTint / default-tint This is the tint for each color wich will be shown at the beginning. Material colors default tint is 500. For custom palettes you can also use strings
fixedMinHeight / fixed-min-height If disabled, the picker will become less high, when the current subpalette has less colors than the mainpalette
palette The palette with all colors. If it is a string, the picker will use a built in palette instead of your own
useSpectrumPicker / use-spectrum-picker If false, the other color tints can not be selected, so only the color wich matches default tint is selectable
value (not recommended to change manually) - The color which is selected. Must be a hex number with a hashtag followed by 6 digits