I seem to understand that German planes wore a red and yellow ring around the main body as a precognition device. Was this true?

If my memory serves me correctly red and yellow recognition bands around the fuselage indicated defense of the Reich.

I believe this correct- much the same as Japan's home defense aircraft had white bands surrounding their Hinomarus

thanks for both of your replies

The defense of the Reich bands were made up of different colours, according to unit. I do have the list somewhere, I'll see if I can dig it out

here ya go: