Don't use "hologram", as it is borked. Just use distort and set the rendering mode to additive, and set the desired level of transparency with fxamount.
Edit: Distort is the well, what it sounds like. It makes it sort of jump around and look all hologram-y. The hologram setting itself is supposed to do this and make the object glow, as if it was emitting light (If I recall correctly, that is.) however, it was never fully implemented properly in the engine (I guess) so it never worked.
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Edit: Distort is the well, what it sounds like. It makes it sort of jump around and look all hologram-y. The hologram setting itself is supposed to do this and make the object glow, as if it was emitting light (If I recall correctly, that is.) however, it was never fully implemented properly in the engine (I guess) so it never worked.