Just as a heads up there is no complex validation, who knows how badly things will break if you enter incorrect values!
Opacity as 2 digit hex value: 00
Opacity Hex Explanation:
opacity: 1
Hex value: #00000000
Short Hex Value: #0000
To be able to use the short form of a hex code the values for each pair (RR, GG, BB, AA) must be the same.
So #33445566 is valid as each pair of values is the same so we can shorten that to #3456.
However #33435566 cannot be shortened as the "GG" pair is different (for clarity R1 = R2, G1 = G2, B1 = B2 and A1 = A2 must all be true!)