public _alpha : Number
Sets or retrieves the alpha transparency value of the text field. Valid values are 0 (fully transparent) to 100 (fully opaque). The default value is 100. Transparency values are not supported for text fields that use device fonts. You must use embedded fonts to use the _alpha transparency property with a text field.
Note: This property is not supported for Arabic, Hebrew, and Thai.
The following code sets the _alpha property of a text field named my_txt to 20%. Create a new font symbol in the library by selecting New Font from the Library options menu. Then set the linkage of the font to my font.Set the linkage for a font symbol to my font. Add the following ActionScript to your FLA or ActionScript file:
var my_fmt:TextFormat = new TextFormat();
my_fmt.font = "my font";
// where 'my font' is the linkage name of a font in the Library
this.createTextField("my_txt", this.getNextHighestDepth(), 10, 10, 100, 22);
my_txt.border = true;
my_txt.embedFonts = true;
my_txt.text = "Hello World";
my_txt.setTextFormat(my_fmt);
my_txt._alpha = 20;
_alpha (Button._alpha property), _alpha (MovieClip._alpha property)