The cause of the green water is difficult to pin down, although the leading theory seems to be a combination of excess light and ammonia, if only briefly. Unfortunately, once it takes root in a tank, it's very difficult to get rid of, especially in a delicate environment like you have.
Can you get a picture of the red stuff? Does it wipe off easily? Diatoms are a reddish-broth type of algae that is exceedingly common in new tanks, and usually runs a limited course before pittering out on its own.
I don't think your fertilizers are causing problems. Generally speaking, it's difficult to cause an algae problem with over-fertilizing despite what some believe, especially with a micronutrient solution like you're probably using (eg, Flourish).
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Algae creates 75% of the world's oxygen, so really we're all just doing our parts...
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