Yeah you can specify the colour based on occurence of words while using the function wordcloud. Here is the link for the same. In case I am also adding a small piece of code for you. check this out.
% Load some words.
load sonnetsTable
% Extract a small data so as to visualize it better.
tb = tbl(1:8,:)
% Define colour of each words. These are Normalized RGB values.
cl = [1,1,1;1,0,1;1,1,0;1,0,0;0,1,1;0,0,1;0,1,0;0,0,0]
% plot the wordcloud.
wordcloud(tb,'Word','Count','Color',cl);
I hope this helps you.
Cheers.
