Warning: contains spoilers for Heroes Reborn #1!
The an ally of Magneto. And in Heroes Reborn #1 written by Jason Aaron with art by Ed McGuinness and Mark Morales and colors by Matthew Wilson, the Scarlet Witch is not only wearing new colors, but she's also going by a new name.
In the bizarre world of Heroes Reborn, the Avengers never formed and its would-be never became heroes. Tony Stark is an arms dealer, Carol Danvers is an Air Force fighter pilot (and hasn't yet attained the rank of Captain), Thor is a drunk who never found his hammer. Only Blade, the vampire-hunting Daywalker, re the world as it once was, but he doesn't understand how it came to be. When he comes across Wanda Maximoff, she's reverted to her old ways and is back in her old colors.
Because the Avengers never came together, Wanda Maximoff was never reformed into a hero. Nor was her brother Pietro - and when he was killed, the Scarlet Witch's magic absorbed Quicksilver's super-speed, turning her into the Silver Witch. She's seen battling the superhero Blur, but her speed rivals his and her magic is as powerful as ever. Even though her new green costume harkens back to her first comic appearance, it's important to note that the Scarlet Witch's original colors only appeared on exactly one page of X-Men #4 - the cover. On every other page, her costume is the more familiar red and pink ensemble that fans are familiar with.
Golden Age artists were constantly up against the clock when it came to getting issues out on time. Without any digital tools to help their productivity, occasionally visual continuity fell by the wayside. But that's not the only reason for the color change: Stan Lee revealed in a letter to a fan that "Sometimes we change a costume's color on the cover just to balance the design a bit." Since the cover of X-Men #4 featured Magneto front-and-center, it's likely Lee didn't want Wanda to blend in with the main villain of the then-new series.
It remains to be seen what influence the Silver Witch will have on the events of Heroes Reborn. Perhaps, if the Avengers are ever assembled, a chance run-in with Maximoff will give her a chance to become a hero as she was meant to be. For now though, the Scarlet Witch's new costume is an interesting reminder of a time when well-thought-out comic book covers were the best way to attract new readers.