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Can we use html tags to style components?

Yes. We can use  html tags to style the component.

Script for padding in title or description thru html tags.

Component Title : <span style = "color:#5adf14;font-size:15px;"> 
Potential Excess Opportunity </span>
 
Write this in respective connection script

var a = sdk.getWidget( 'timeline4' );
a.m_enablehtmlformate.subtitle = true;
a.m_enablehtmlformate.title = true;
a.draw();