Values In watercolor painting, "value" refers specifically to the lightness or darkness of a color. Because watercolor is transparent, values are controlled primarily by the ratio of water to pigment rather than by adding white paint.  

I found thinking of the pigment to water ratio as tea, milk, cream or butter consistanies very helpful. I used it when I created the two right columns shown in chart photo. Video Reference

• Tea: A very watery consistency used for light, transparent washes.

• Milk: A medium-value mix with more pigment, used for general shapes.

• Cream: A thick, pigment-heavy mixture with little water, used for deep shadows and details.

• Butter: A nearly pure pigment consistency used for the darkest accents.

Creating this chart the first two left columns I mixed in Dr. Ph. Martine's Bleed Proof white. The two right columns only water to create value transitions. The two circles on the right are two different brands of Chinese White. The top is Grumbacker, the lower is Sakura Koi Watercolors. The later is warmer.

NOTE: Techniques to create values also include charging, lifting and glazing.