My opinion, having a red or blue one out in the open is like having a sign that says "steal me".
RoyB's idea as a first line of defense being concealment, is by far your best alternative.
And in conjunction with that using one of
THESE. :B
I actually carry mine inside the TT while in transit (48 lbs,) & chain it to the rear bumper when being used. I have a duffle type zippered bag with handles that fits it perfectly for in transit & acts as a cover concealing it while outdoors. I had a Tent & Awning company cut & sew a small slit in the "bottom" corner of the bag, then just invert the bag & the chain lock goes through there to the trailer rear bumper & frame.
And my third line of defense is.... "mine is yellow" :E