This is an effect by Ian Adair with a red, yellow and green chip, and a patter theme which works well with the traffic signal colours.

Effect :- Three chips are displayed, one red, one yellow (amber) and one green, Magician states that Red is for stop, Yellow (amber) is for get ready and Green is for Go ! Hands are shown empty, and Chips are covered with a pocket handkerchief, preferably borrowed.
The first one is removed, – Red. The magician states “Red is for Stop, so you must stop and think about what colour I’ve just removed”. The chip is shown on both sides and pocketed.
Reaching under the hank again the magician brings out the Yellow (amber) chip and shows this on both sides, saying “I remove the yellow one, which we know, means ‘get ready’, so ..get ready to remember which colour I am removing now.”
The performer goes on to say “That leaves just one chip, … can you tell me what colour it is and what it stands for ? ” The spectator says “Green” and Go”.
Magician blows on hank and says “Go”. When the spectator himself undrapes the handkerchief, there is one chip only … but it is absolutely clear and transparent …the colour magically vanishing out of it.
Supplied complete with all the special chips and routine, at a very low price.