I don't believe that there is a way to "Color Points" by Code automatically - what is this data for and what does it represent?
If this is compaction Data from VisionLink where Speed is measured by the Compactor, and you are trying to plot that - there may be a different answer to that below using the Machine Data Overlay ... (I would need to work through that to give you an answer)
You however have some options
If you want to indicate the points based on Speed Range - You can use Advanced Select - select all of the point data that you want to consider, select Type Point and then "Data with the following property" - Feature Code and then you can use Equals Regular Expression to select the points with specific Codes or groups of codes using e.g. use Regular Expression ^0.|^1.|^2.|^3. if you want everything in the Speed Range 0.0 to 3.99 etc.
Be careful when using this type of Regular Expression - after entering the regular expression just move your mouse to Apply and click (as tapping Enter or Tab will change the entry into a numeric value for some reason with this approach).
The ^ means starts with characters and the 0. or 1. etc. means the start of the Feature Code of the points and then adding a series separated by the | character will allow you to select ranges e.g. 0-3, 3-6 etc. so in a few selection processes you can get through all of your "Speed Ranges". Once the points have been selected you will need to change the Layer of the selected Points to a Layer e.g. Speed 0 to 3 and set that layer to the color that you want e.g. Red - Points take the color of the Layer they are placed on - they don't have a color property of their own today.
You could also assign a code to each Point that represented its speed range e.g. SP1, SP2, SP3 and then you could Label Points with different Speed Range Codes with a Symbol or Marker or text etc. using Label Points
You could also use the Speed value as Elevations and then if appropriate you could make a surface from the X,Y,Speed values and then contour the speeds or color code the elevations of the surface using the speed values. If the Speed values are elevations then you can use Select by Elevation Range to select the points based on a Min / Max Elevation range and then change their layers to change the point colors etc.
Hope this helps / gives you some ideas - Advanced Select is often the best way to select the data - the enclosed spreadsheet and the help system give some examples of Regular Expressions that you may find helpful.
Alan