Red frames with Twixtor means missing footage. Let’s say your clip is 10sec long, you apply Twixtor with 200% speed – you will see red frames after 5 seconds.
From my experience with Twixtor in Vegas Pro it is very unhappy if you change the clip duration after you add the effect. Shortening/extending a clip with Twixtor added is an easy way to introduce random bugs. Hence why some people suggest applying it as a media effect, but that still isn’t the perfect solution as some problems persist.
What I sometimes do to avoid these issues is I make Twixtored files in a separate project and render them out separately. Then add those pre-renders in my final project.
For example I need a 50% slow down via Twixtor for a 5sec clip – I drop it in the timeline, cut to where I need it to start, extend to 10sec, add Twixtor, set speed % and render.
If you introduce keyframes where you both speed up and slow down time
via Twixtor it’s easy to get those red frames, because you run out of
footage or you didn’t have enough footage to begin with.
To summarize, I suggest you:
Drop your footage into a separate project, cut all the segments you want to slow down/speed up and make them as long as you can before you add Twixtor. Then render them out and use those renders in the main project. But I suggest you don’t copy and paste the files from one project to another – do it fresh, add from file explorer.
And an extra tip – you can save your Twixtor settings as a preset, remove the added Twixtor effect and try adding it again (+change settings from preset) to the same footage. Has rarely helped me in the past when I encounter those red frames.