Green’s Dictionary of Slang

red light n.4

1. (Aus.) a police emergency.

[Aus]‘A “Push” Story’ in Bulletin (Sydney) 2 Sept. 17/1: ‘Spare me sweat, if we wuzn’t foolin’ with redlight’.

2. (US gay) warning of an imminent raid which leaves patrons insufficient time to leave the club.

[US]Homosexuality & Citizenship in Florida 25: Glossary of Homosexual Terms [...] red light: A raid which is starting without enough time to leave safely. Only time enough to change places with other homosexuals to make couples of the opposite sex and to destroy all incriminating material.