There are many iterations of Chicken on a Chain but matching a Bass Assassin's version would be a good start since i think he invented the color, or at least the catchy name. Watermelon Red Flake for the back color. The belly is a Natural Glow with Silver 0.015" hex glitter. And for the tail, if you want, an opaque Chartreuse.
Here is my formulation using LureWorks Colorants for 1 cup plastic each. Other suppliers colorants should approximate to the below numbers.
Back
Watermelon 101----------20-24 drops
Black 0.040" Hex----------1/2 tsp
Fire Red 0.015" Hex---------1/8 tsp
Belly
Natural Glow 128---------1/4 tsp
Silver 0.015" Hex----------1/8 tsp
Tail (optional)
Chartreuse 126---------50-60 drops
Adjust accordingly to your personal taste or to what you have in your inventory. On a side note if you want a chartreuse tail without having to shoot a three color bait you might consider painting the tail. It was discussed here in this previous thread:
Good luck and show us your results!