Is that the stock transmitter and receiver in that rig? Its different from the one they show in the manual but it appears to have the same functions and LEDs so it probably doesn't matter. According to the manual the red and green lights should both be on and be solid. The lack of the green light...
First off, what red LED light are we talking about? on the ESC or the receiver? Have your tried rebinding the receiver to the transmitter? Have you tried to see if FTX has any support number you can call? Does forward and reverse still work? What type of battery are you using? Could be a bad...