From the xlite_settings.pdf
Red means there is power going to the chip.
Green means the chip is in recovery mode (Cromwell flash menu)
Amber/Yellow means the chip has been disabled.
SW#4 has to be ON to see those leds.
SW#1 has to be ON to disable the X-Lite
Hope this clears up things.
I'm at home now and just tried it and that's what it does.
Except mine is stuck in recovery mode