Ah - As I understand it.....
In this formula the charcoal gives the orange gold colour through incandescence (The Ti will give the impression of yellowing the orange as it imparts white flashes throughout the effect)
The C particle size dictates how long the orange sparks last, and their density in the sky. A large particle will be long lasting but there wont be many of them. A small particle size will yield a shorter burning "firedust" effect which can be more subtle and pleasing, but not very long lived.