Live squid photos
Here are a couple of photos of the live squid I patterned it after.
Pretty sure those are "dead" squid, but they help make the point.
Most squid can change colors instantly, and they do it often. I think that's why color is kind of optional on them most of the time.
The single exception I've seen is when we fish for yellowfin off Hawaii. Early, early in the AM when there's hardly a glow on the horizon (basically still black dark), the tuna come up for some little tiny red squid- no more than about 3" long at most- any that I've seen in the water or cut from tuna bellies are no bigger. But the tuna go nuts for them and will come right up. Never had the chance (or the courage) to toss a fly at them, but I'm sure it could be done. We just strip line off the reel of our tuna rods and let the lures sink 10' or so below the drifting boat and jig a little. And hold on REAL tight, because the tuna hit them at about 90 miles an hour.
By the time it's light enough to see the waves around you, the squid dive and the bite is off. But the lures HAVE TO be red and the right size. A red jig would work just fine, I'm sure, as would a red squid fly. Of course, I'd want to be using about a 30-weight fly rod for the strike and first run!!!!!