RGB split effect
Separate each component's RGB(red, green, blue) colors and display them on the screen with an offset:

Parameters
Each color channel (red, green, blue) has its own X offset and Y offset, in pixels, that shifts that channel away from the others. The larger the offsets, the stronger the chromatic aberration. This effect is often used subtly to add a sense of glitch, speed or damage.
Reference
All effects are listed in the effects reference page.