To create this effect simply duplicate your video clip (or image) 3 times in your composition. Set them to the "Add" blending method. Add a "Levels - individual controls" effect to each of these layers.
1. Rename each duplicate. 'Blue', 'Red', and one 'Green'
2. Now for the layer named 'Green' open the Effects Controls for the 'Levels - individual controls' on the effect you just added. Open the Blue and Red drop down settings and put '0' in the Blue and Red 'Output white" settings.
3. Now for you layer named 'Blue' Open the Green and Red drop down settings and put '0' in the Green and Red 'Output white" settings.
4. Now for you layer named 'Red' Open the Green and Blue drop down settings and put '0' in the Green and Blue 'Output white" settings.
This should give you three layers with different hues, one Red, Blue and Green. Now just shift the top layer and you will begin to get the fringing effect. You can blur these layers or move them in any way you wish. Have fun!
