Highlighting text in color after the BB-code
Highlights the text, that placed after the new tag, in color from a color palette

Author: Deff
Platform: MyBB

To HTML-bottom (Admin → Options: 2nd form):

    <script type="text/javascript"><!--Highlighting text in color after the BB-code-->
    $("#post #button-color").after('<td title="Highlighting text" id=button-bgColor align=center valign=center><img onclick="bbcode(\'[url=http://PhrasesBgcolor]\',\'[/url]\')" src="http://s2.uploads.ru/rKjOe.gif" style="width:22px!important;height:22px!important"/></td>');
    $('.post-content a[href$="PhrasesBgcolor"] span').each(function() {

1. Choose and paste the color you need for highlighting, then select it and push "http://s2.uploads.ru/rKjOe.gif"
2. Write your text right after the tags you've got, then select it and choose the color you need for text

Additional Info:
You can use styling to increase the space around the text.
Paste this code before the script:

<style type="text/css">
.phraseColor {padding: 0 6px 2px 6px;}

The same way you can add any styling you need to design the highlighting.