240v Welders usually have only three wires. Two hot 120 legs and ground. If the previous owner was using in a 4 prong 240v receptacle (which is kind of normal for a hobbyist in a newer house using a clothes dryer plug), then the unused wire is the neutral, but that is usually white. The green is ground the black and red are 120v hot.
So sounds fishy to me. What receptacle are you going to use?
The way it is wired based on wire color seems like it was only wired for 120--1 hot, nuetral and ground.
Read owners manual for wiring set up. Should be able to download that if you don't have one from the Miller site.
Nice buy! Congrats -- very nice TIG machine.
Last edited by R-Bo; 07/08/2013 8:00 AM.