From my understanding (Im sure there are more knowledgeable people that can chime in) E-steps are for calibrating your extruder motor so that it will push the exact length of filament through your extruder that you tell it to. So you tell it to extrude 100 mm of filament, it extrudes 100m of filament (this is "new" filament, or filament still on the spool). I dont think e-steps would change when you switch colors, but might change when you switch filament types.
Retraction is used to stop extrusion. typically it is used at the end of a layer or just before a travel command. It helps prevents oozing and the little web-like strands the hotend can leave behind when it is traveling.
Extrusion multiplier helps control the flow rate of your extruder.
To calibrate these you typically need to use a measured object (thin-walled cube, 20mm cube, etc.). A popular guide is [
www.thingiverse.com]
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