Entries: each field in trace control means a specific call. In the other controls calls are represented in different ways.
Red color: call failed.
Black color: call succeed.
Time: time that took the call/s in milliseconds.
Color intensity: indicates the relevance of the event. The “Relevance” column also indicates this.
and
SpyStudio shows and interprets calls, displaying the results in a structured way which is easy for any IT professional to understand