Can 1 relay turn one light off and another on?
simulate this circuit &ndash; Schematic created using CircuitLab

Figure 1. Indicator relay schematic.

How it works:


The relay is chosen by coil voltage and contact arrangement. You need a 24 V coil and a single changeover contact.
The green (OK) LED is powered from the normally closed contact.
The red (FAULT) LED is powered from the normally open contact.


I've shown resistors on the LEDs as a reminder that current limiting is required. It's not clear why you might want to use 120 V AC for the LEDs. If you do then you need 120 V AC LED indicators with built in diodes and resistors.