RGB split effect
Separate each component's RGB(red, green, blue) colors and display them on the screen with an offset:

Adjusting the effect
Each color channel has its own X offset and Y offset (for red, green and blue). By shifting the channels in different directions you control the strength and direction of the chromatic aberration. Small offsets give a subtle glitch or damaged-screen look, while large offsets create a strong distorted effect.
Reference
All effects are listed in the effects reference page.