The Edit Pseudo Alpha filter creates an alpha channel for the image based on the image's first pixel (the upper-left corner pixel). All pixels that have the same color as this pixel become transparent.
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Rendering menu > Video Post > Video Post toolbar >
(Add Image Filter Event) > Choose Pseudo Alpha Filter from the Filter Plug-In list.
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Rendering menu > Video Post > Video Post window > Select a Contrast Filter. > Video Post toolbar >
(Edit Current Event)
Because only one pixel color becomes clear, edges of the opaque areas are aliased. The main use for this filter is when you want to composite a bitmap whose format does not have an alpha channel.
There is also a layer event called the Pseudo Alpha Compositor.
There are no setup options for this filter.