Mine did that a couple of times. One time it did it because I had it hooked up incorrectly; fixed it by reversing the connections. Another time it was because I didn't reinsert the chip fully after removing it to change the octane settings; fixed it by making sure it was seated properly and screwed in tightly.
Blinking red and green does seem to indicate its not working properly. I threw a check engine light just starting it up and backing out of the garage (for better view) with the light blinking.
Check the plugs and where the wires go..... purple wire gose to the discolored plug prong I forget what color wire it is but on the chip side look at the plugs..... there should be a plug that’s discolored like silver and not gold. Line this up with the purple wire and then disconnect the negitive on the battery for 5 min then reconnect and start the car . If it doesn’t work then . That’s all I got for you