MYTHS
Do not compare Olive Oil with pure substances, e.g. water. Olive Oil is a complex mixture made of fatty acids, vitamins, volatile components, water soluble components and microscopic bits of olive.
The myth of color: The color of olive oil depends on the pigments of the fruit. High chlorophyll content of Green Olives give a juice of green color, carotenoids from ripe olives give yellow-red etc.
Thus, it is a myth that color is an indication of quality.
The myth of freezing: Olive oil may freeze at different temperatures from year to year, from place to place or even from the same place or even from batch to batch from the same bottler with no exact freezing temperature.
This is because olive oil is a complex compound and not a pure substance e.g. like water, with an exact freezing temperature.
When Olive Oil it is chilled it may crystallize out into needles or slurry.
Freezing never harms it. On the contrary it prolongs its nutritional benefits and its flavor.
Thus, it is also a myth that the freezing point is an indication of quality.