Funny that you mention conventions about LED colors...
I work on static transfer switches and we use a panel of LEDs to indicate the flow of electricity from either two utility sources to a load. Customarily, each breaker or switch is indicated with a bicolor reg/green LED. However, the meaning of each color is assigned by the customer depending whether they want to indicate an operational state or a safety state. For some customers green indicates "operating" as in switch is closed and the opposite is red. For other customers green indicates "safe" as in switch is open and the opposite is red.
My two cents..

Tony

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