Which types of color blindness does it simulate?
Protanopia (no red-sensitive cones), deuteranopia (no green cones), tritanopia (no blue cones) and achromatopsia (no color perception). The first two are the most common.

The simulator shows your palette as people with color vision deficiencies perceive it. About 8% of men and 0.5% of women of Northern European ancestry have red-green color blindness, the most common form.
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Protanopia (no red-sensitive cones), deuteranopia (no green cones), tritanopia (no blue cones) and achromatopsia (no color perception). The first two are the most common.
Combine colors with clearly different lightness, avoid relying on red versus green, and never use color as the only signal: add labels, icons or patterns, as WCAG criterion 1.4.1 requires.
It uses the matrices published by Machado, Oliveira and Fernandes (2009) for full dichromacy. It is a useful design approximation, but real perception varies from person to person.