There are a few masthead lights that can do more tricks with just two wires, but unless you need a 'yellow showing aft' towing light or a mast-top strobe I favor the two-wire units that can be either 'white-all-around' or the tricolor scheme. Also, watch that you keep nav lights at deck height. Motoring at night is safest when you have a white steaming light above your red and green nav lights. You'll find different opinions based on which national waters you are floating and the length of your boat and date of manufacture and on and on, but sailing at night is safest with a masthead red-green-white and a deck light illuminating your sails. When motoring at night you should look more like a motor boat so when you encounter traffic they don't have to go look up your light display. Of course, an anchor light is, well, to be used at anchor. The LED's are easy on the batteries and when equipped with automatic day/night operation they'll stretch your batteries even more.