Star-looking object that moved unnaturally with different colored lights.

My husband and I witnessed what I initially thought was a star, SW of our location, until the star began to move erratically.  It stayed in basically the same location but would move in a circle or quickly dart to the right or left.  
The object was low in the sky but looked to be as far away from earth as a star.
We watched it for about 15 minutes.  We looked through binoculars and could tell it had red and green/blue lights that flashed occasionally.  
We do not have anything else powerful enough to have seen it clearly.
Twinkling star?  PD