She does it when she's becoming gravid. The last 3 years I've really paid more attention to it. She starts to brighten up immediately after her pre-ovulation shed and gets steadily brighter until ovulation. Then she holds her color until she lays eggs, then fades back to dark. One of my other girls, which happens to be Kay's offspring, is also gravid this year (should lay eggs circa April 18) and has also displayed this color shift in the exact same pattern thus far. She's still brighter than normal but not as much as before the pre-lay shed.
I do notice more subtle color shifts in my males sometimes, but much less dramatic and with little rhyme or reason.