Actually, nothing complicated (I guess). It would just be possible to make a more elaborate logic. For example: if the red wire is on, logic1 is executed. If the green wire is on, logic2 is executed. If both wires are on, logic3 is executed. If neither, then logic4.
So, there was no such thing as just getting an error and that's it. After all, in idea, to check whether there is a wire or not, we need to read it. And in this case we get an error in the second line: Tried to access red wire when it is not connected.
I may not have found an existing function for this, but I really wish there was one. That is, we either get nil instead of error when there is no wire, or just 0, so that we can compare to this and build logic further.
clr
ble red1 80 :turn_off
:check
mov reg1 red1
sst reg1 [virtual-signal=signal-at]
ble reg1 50 :turn_off
bge red1 80 :turn_on
mov out2 reg1
jmp :check
:turn_on
mov out1 1[virtual-signal=active-state-on]
mov out2 reg1
mov out3 255[virtual-signal=signal-green]
jmp :check
:turn_off
mov out1 1[virtual-signal=active-state-off]
mov out2 reg1
mov out3 255[virtual-signal=signal-red]
jmp :check
Video: https://youtu.be/3yOEdmv4ZnM