Text Highlighting in Lyric Files will only occur if the "Text Highlighting" option is enabled in options (It is by default)
Highlighting will occur on specific recognised words as well as chords and tagged areas within the lyric file by default however there are options available to disable the highlighting of chords and special words.
Options are available to set differing colours to each of:
Text enclosed with square brackets [] is highlighted in red, text enclosed with curly brackets{} is highlighted in yellow and text enclosed with chevron brackets is highlighted in green
Usage Examples:
This is a [Am] test with [G7] some odd chords [G/F#] which would [D] be displayed in red