This is quite a clear video of the lights of a dark triangle that are very commonly seen, usually at low altitudes, in the US. These are not FAA-approved strobes, which would–or should–be present on any aircraft flying outside of military restricted airspace in the United States. As the creator of this video has been identified, there is no evidence of hoax, and the lights are not FAA approved, this video is graded B.

Story Source:
http://www.examiner.com/ufo-in-national/second-video-shows-red-lights-over-colorado