Pradeep - from http://www.mathworks.com/matlabcentral/answers/101667-how-do-i-change-the-color-of-the-bar-in-a-waitbar-in-matlab-7-5-r2007b (which works on my R2014a), you can try the following:
% create the wait bar
h = waitbar(0,'Please wait...');
% find the patch object
hPatch = findobj(h,'Type','Patch');
% change the edge and face to blue
set(hPatch,'FaceColor',[0 0 1], 'EdgeColor',[0 0 1]);
% run the wait bar
steps = 1000;
for step = 1:steps
% computations take place here
waitbar(step / steps)
end
close(h)
When you execute the above, the bar will now be blue rather than the default red. Try it and see what happens!
