Red flag means mean, an alert, caution, or warning.
When I saw him drink the brown water, I had red flags.
(I was cautious, nervous, worried, that he was drinking dirty water).
or,
When I climbed on the roof, my mother had red flags. (She was worried about it, she had caution)
I saw the red flags when the man in the movie held the girl's hand. (I was alerted, it was a clue, etc).