Assuming just a few small chips rather than entire areas flaking off -
I thourghly clean the caliper with brake cleaner and a clean rag. Once clean grab a small artists paintbrush and a can of smooth red Hammerite and carefully touch up the chips. If they're deep you can do a couple of layers to build it up. Should look good as new.
Smooth red Hammerite is very close to the original red and certainly close enough to not notice once behind the wheel.
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