AFAIK you have an SVT AV which is a special edition CL.
Bias controls and indicators should look like this.
View attachment 7443325
A red bias indicator indicates one or more tubes is over current.
The output section is push/pull. Push has three 6550 tubes and pull has three 6550 tubes.
Basically the bias indicators have two thresholds.
1. Green uses AND logic. Green turns on when all three tubes in the circuit have >15mA of current.
2. Red us OR logic. Red turns on if one or more tubes in the circuit have >30mA
3. If you get red without green, at least one tube is over current and one tube is under current. Good chance one tube is totally nonop.
When a 6550 arcs it can put on a light show. The screen resistors in SVTs are designed to act as fuses. If you have red without green, there is a good chance that the screen resistor on the tube that arced is blown.
The arcing could have occurred from a worn out tube. Another possibility is the pins in the tube sockets need to be retensioned or the amp has some other sort of intermittent connection.
I think it would be a good idea to take the amp to a qualified tech.