Iron Warriors' basic colour scheme is Boltgun Metal. The hazard stripes, even during their loyal phase before the Horus Heresy, don't seem to have been applied with any particular rhyme or reason, but generally no more than two or three armoured areas will carry them and these should be adjacent. So there may be a striped shoulder pad and a striped greave, or two stripped greaves and a sriped plate on the backpack or whatever.
Painting hazard stripes isn't difficult, but it is quite time consuming. The new Iyaden Darksun colour - in the Foundation Paint set - is your salvation as, originally, you would have had to paint white over black, which can take flipping forever to get right.
I recommend starting with a pencil on the black undercoat. Use quite a soft pencil (3B-5B) and then you won't have to press very hard to get a visible line. If you can avoid it, don't paint the hazard stripes on a cylindrical surface (like a leg) unless you're really confident with the technique, as you're bound to find that they don't quite link up properly.
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