1. Create a new document, 500x500 pixels, transparent background, RGB Color.

2. Put FF0000 as the foreground color and fill the layer (alt + backspace)

3. Filter -> Render -> Lighting Effects and use the settings below

Photoshop Lighting Effect properties.

4. Create new layer and hit D for defaults

5. Filter -> Render -> Clouds

6. Filter -> Render -> Different Clouds, then do it 6 times

7. Image -> Adjust -> Auto Levels

8. Ctrl + U: use the settings below:

Hue/Saturation settings.

9. Duplicate the layer

10. Filter -> Blur -> Radical Blur -> Amount: 100, Blur Method: Zoom, Quality: Best

11. On the original layer, do filter -> render -> lighting effects and use the settings:

Photoshop Lighting Effect properties.

12. On the topmost layer, set the blending mode to Lighten. (Double click layer to bring up blending options)

13. On the second layer, set the blending mode to Lighten.