Post process effects for specific objects

I’m new at Post processing volume and effects.
My question is: is it possible to change the screen with a black and white effect?
If yes, is it also possible to exclude one or more specific object from this effect?
One example is the popular movie Schindler’s List where sometimes everything is black and white except the little girl in red.
Do you know if it is possible in UE4?

It is possible.

You have to use CustomDepth channel to mask “Red” objects.

Here’s some step by step tutorial: UE4 Tutorial 101 — Occlusion Outlines - YouTube

And here is in depth info on topic: http://www.tomlooman.com/the-many-uses-of-custom-depth-in-unreal-4/

Here’s marketplace asset with this PostProcess: Outliner in Materials - UE Marketplace