Is it a yearly event? And from what I understand, you aren't let loose into an active duty squadron until you've participated in a Red Flag. Is that the case?
Red flag runs almost continuously. Units cycle through for up to 2 weeks at a time, with an occasional "special" flag for things you will probably never hear about

Units usually go to red flag every 18 months or so, and they try to time it for when the squadron is getting ready to their turn to deploy. The cycle is anchored by the deployment cycle, with periods set aside for training, upgrades, re-qualifications, red flag and other special training deployments, and an inspection cycle of about 2 years for each type of inspection that the squadron has to do. For example, at RAF lakenheath they have 4 continuous inspection cycles. Unit compliance inspection which validates adherance to regulations, NATO certification which validates readiness to fulfill nato obligations, nuke cert, and pre-deployment readiness inspections. Each of those happens every 2 years except the pre-deployment occurs before each AEF cycle which is not 2 years. In the middle of all that inspection prep are training deployments like red flag and other events, upgrade training, re-qualification training, new guy qualifications, etc.