in the settings.fx file this line if it still exists there. My latest on seems to have it removed.
#define NOCOLOREFFECT // PE: Disable color effect, like: screen going red when you die, or you have little health.
Play with that line there.
RIP
Intel(R) Core(TM)2 Quad CPU Q6600 @ 2.40GHz, 2400 Mhz, 4 Core(s), 4 Logical Processor(s), 8gb RAM, Nvidia gtx660, Windows 7 Pro 64bit, Screen resolution 1680 x 1050.
New:
Intel(R) Core(TM) i5-8400 CPU @ 2.81GHz, 12GB RAM, Nvidia gtx1050ti 4gb, Windows 10 Home 64bit, Screen resolution 1920 x 1080. System Passmark 3774