I'm using Blender 2.78 on a Mac and I can't find the color balance node in cycles, do I need to install an add on or enable it?
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The color balance node only exists in the Compositor window, not in the Shader Editor.
To go to the compositor, press this icon at the bottom of the node panel editor and check Use Nodes
In versions 2.7x or earlier: select the compositing option.