I have gone through this post which explained me why there are red lights turned on the plane but I doubt with the color code whether it's only during the environment specific conditions or its indication that it is relaying coordinates?
Every time one thing caught my attention during my flight journey. During the specific time of the day the lights on the wings changed with color.
On one flight it had a white constant blinking. This flight was during the day. The blinking was slow and repeated up to thrice.
On the second flight, there was a blinking green light along with the blinking white light. This blinking was fast so I couldn't get a clearer shot and this is during sunset.
Note:-In the above two images both are of the Airbus A320 Sharklet. I believe it has something to do with tracking and relaying the coordinates to the ATC.