The flashing green and red on the board means that there isnt a TX signal nearby.
You MUST ALWAYS switch on the TX before connecting the battery on the heli. If not it might just go off at full power, truxt me its not pleasant

The LED turning red is because the low point on the TX throttle is too high or more likely the stick is the 'wrong way round' and needs to be reversed if the TX can do that. Basically the TX must be switched on and the throttle must be at the lowest point when you connect up the heli batt. The LED should then flash while it intialises and if all is ok it will become green.

Hope this helps.