Do a search of UHH for previous discussions of histogram. Most cameras do not properly compute a histogram and will not indicate overexposure in red or blue channels.
I wrote about this in a previous post:
"The primary issue with using live view histograms is that they do not uniformly represent the different color channels; they are heavily weighted towards the green channel. Thus, they will not indicate blown highlights in the red or blue channels.
In fact, some camera models only show the green channel in the histogram; this was common with early Nikons, for example.
Easy to test; take an over-exposed image of a red sheet of paper.
Set to manual, wide open aperture, and decrease shutter speed. In live view, watch the histogram and look at the image. When you hit over-exposure, the red image will start to shift to yellow because the red channel is maxed out and the blue and green channels keep increasing. Generallly, the histogram will still show a correct exposure.
After taking the exposure, look at the color and combined histograms, and see that the red channel indicates over-exposure but the combined histogram is fine.
If your camera does not do this, but actually shows overexposure in the histogram when the red channel is overexposed, then the histogram will be useful for accurate exposure determination. Otherwise, the histogram is not accurate for exposure determination."
I have an Olympus E-M1, and it suffers from this problem. I never use the histogram because it clutters the display and suffers from this problem. I find the highlight/shadow overlay is a quicker to see indicator of overexposure, but it has the same issue of missing red/blue channel overexposure. In particular, if there is a preponderance of red then I dial down the exposure or bracket if there is time. If in doubt, check the full color histogram in playback mode. The red/blue channel histograms will indicate significant overexposure.
See
http://www.kenrockwell.com/tech/yrgb.htm for an explanation of the green channel only issue with some histograms.