I'm sure this has been discussed before, but in the spirit of helpfulness, here's the link:
http://starwars.wikia.com/wiki/Mandalorian_armor You'll need to scroll down quite a bit, but it'll behoove you to read the rest of the info along the way. If the link doesn't work, here's the quote of the meanings during and after the Clone Wars era:
As of the Clone Wars, these colors were known to have significance:
Gray=Mourning a Lost Love
Red=Honoring a Father
Black=Justice
Gold=Vengeance
Green=Duty
Blue=Reliability
Orange=A Lust for Life These are the widely accepted meanings, though it must be noted that some Mandalorians simply prefer the look of a certain color and don't really care about its meaning. Also, Journeyman Protectors are expected to have green as the primary color, and other canon characters naturally have their own set paint schemes. I hope that helps.
Also, do not take this code to mean that you must stick to a single color. It is more visually appealing to combine colors that mesh well together. Try to find colors that A.You really like/want on your armor and B.Have meaning pertaining to your character's personality. Also keep in mind the color of your flight suit and other acccessories to ensure that your costume looks professional and appealing.