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The red line is to alert you to the fact that 2 or more backups are scheduled to run at the same time. If you have the CPU capacity and disk IO to spare, you can safely ignore this alert.
Two or more simultaneous backups will have an adverse impact if you are CPU bound and/or IO bound e.g. if the database files are all located on the same disk, or the backups are being created to the same disk, or the compression puts too much load on the processors.
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When we create backup time line at the same time, It will show red line. I do want to know that Why can't we create same backup time for different database? How it affects?