Inspired By Green Lantern and Lantern Corps.
The emotional spectrum is divided into the seven colors of the rainbow, with each color corresponding to an emotion: rage (red), greed (orange), fear (yellow), willpower (green), hope (blue), compassion (indigo), and love (violet). The absence of color (black) is death, and the combination of colors (white) is life. The two emotions at the ends of the emotional spectrum, rage and love, have a stronger influence over their users and willpower (at the center of the spectrum) can be used to overcome and control one's emotions. More recently it was revealed that a ring was created to allow any user to harness any color of the emotional spetrum, named the Phantom Ring. Groups embodying points on the emotional spectrum are:
Black Lantern Corps: An army of zombies formed by the former Guardian Scar and led by Lord of the Undead Nekron, the Black Lanterns are dead people resurrected by a black power ring fueled by death. Members of the corps, chosen for their emotional connection to living people, rise to elicit emotion from those people. The power ring enables its wearer to create things made of black light, mimicking powers their users had while alive, and read the emotions of living beings as colors of the emotional spectrum.
Red Lantern Corps: A group of berserkers formed and led by Atrocitus, the Red Lanterns draw on rage to generate constructs made of red light with their power rings. When they are inducted into the Corps, a member's blood is replaced with liquid fire; members of the corps can expel this substance from their body at will like napalm, causing burns. During induction, their heart is replaced with the ring, so if the ring is taken off (unlike in the cartoon series), the wearer will die.  These lantern corps are antiheroes. Their home planet is Ysmault.
Agent Orange: Former Thieves Guild member Larfleeze (known as Agent Orange) draws on greed to generate constructs (transformed from those he killed) made of orange light with his power ring. This Lantern is also considered evil or enemy of good lanterns.
Sinestro Corps: A group of terrorists formed and led by former Green Lantern Thaal Sinestro, the Sinestro Lanterns draw on fear to generate constructs (based on a target's fears) made of yellow light with their power rings. These corps are evil and are the enemy of the Green Lantern Corps. Their home planet is Qward, where Sinestro first discovered that Green Lanterns were weak against the colour yellow.
Green Lantern Corps: A group of peacekeepers formed by the Guardians of the Universe, the Green Lanterns draw on willpower to generate constructs made of green light. Their home planet is Oa.
Blue Lantern Corps: A faithful group formed by former Guardians Ganthet and Sayd and led by Saint Walker, the Blue Lanterns draw on hope to generate constructs made of blue light with their power rings. Blue Lanterns can only have the full extent of their abilities unlocked with a green power ring, just as Hope is almost useless without Willpower to use it. In turn, a blue ring can recharge a depleted green ring, and supercharge a full one. A Blue Lantern can also "save" a Red Lantern from their ring. Their home planet is Odym.
Indigo Tribe: A group of nomads formed by deceased Green Lantern Abin Sur and led by Indigo-1, the Indigo Lanterns draw on compassion to teleport long distances and generate constructs of indigo light with their power rings. They are good and help the green, blue, and violet lanterns. A lot is unknown about them, however.
Star Sapphire Corps: A group of female warriors formed and led by the Zamarons, the Star Sapphires draw on love to generate constructs made of violet light with their power rings. Although the character Star Sapphire was originally a villain, they are good. Their constructs are violet crystals, seeking love in their target's heart and bombarding it with love until they are freed or join the corps. Their home planet is Zamaron.
White Lantern Corps: Formed by Kyle Rayner, the White Lanterns use life to create constructs made of white light. Corps members, "nothing short of godlike", have reality-altering powers able to defeat Nekron and the Black Lantern Corps.
Phantom Lantern: Formed by Frank Laminski, under the guidance of Volthoom, the user of this ring is allowed to harness any color of the spectrum, despite their actual ability to wield one of the Power Rings on its own, based on the particular emotion the ring-bearer feels at a given moment, however, those who don the ring may suffer some damaging effect, as Volthoom won’t even wear the ring himself. As it turns out, the ring uses the body of those who don it as a battery which eventually overloads with power and become a living bomb. Frank is saved from death by Simon and Jessica and his emotion shifts to compassion which forced him to become an Indigo Tribe member and see the wrongs he was doing as the Phantom Lantern and so he removes the ring himself, losing in the process the memories of doing so.
Source of images - Google
Source of explanation - Wikipedia