What makes bulls chase red color?

I am not sure it is the color red; it is rather that the cape of the matador is waved in front of the bull which makes it very annoying to the bull.

They can see it more clearly than other colurs.

Bulls do not chase the color red more than any other color. 

In bullfighting, they are attracted by the motion of the matador's cape.  That cape is generally colored red and a highly contrasting color (often gold) so that it is highly visible and visually appealing to the spectators.

because bulls are color blinded and the bull may think it is blood.bulls dont like blood so when they see the color they may charge at the color.

Nothing to do with the Bull, it is purely aesthetical reasons. Bulls are color blind, they charge at things moving in front of them. After being speared with by the picador and banderilleros, the bull bleeds a lot, so if the cape was not red, you would be able to see the blood splashed over the cape, which is not appealing. If you notice, the first cape (capote) the bullfighter uses when the bull first comes out is not red but light pink and yellow on the back. They use this one first because is nicer, bigger and there is no blood; as soon as the bull receives the first cut, the bullfighter picks up the red cape.

Donald