There is some science behind 'anti collision' or 'recognition' lights. Mainly, a light in motion is easier for the human eye to find than a stationary light. Therefore a flashing light is easier to find/focus on than a steady light. Next, there is a limit (distance wise) for colors of light to be perceived by the eye. Colors considered 'bright' are normally easier to see from a great distance. That's why safety gear is usually colored bright yellow, white, orange, etc. An opposite example is light used for reading maps at night. I'm old, so we used red lenses. Nowdays they use that blue/green shade. But both were used for the same reason. That particular color is difficult to see at a distance. The engineer types, here, can give you the whys and hows.
Ignoring any legalities, I'd recommend some type of flashing white light for anti collision use. And if you think about it, flashing strobes and wig-wag landing/taxi lights are the main types used on small aircraft now.
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