visible light - Why does the moon sometimes appear giant and a orange red color near the horizon?

I've read various ideas about why the moon looks larger on the horizon. The most reasonable one in my opinion is that it is due to how our brain calculates (perceives) distance, with objects high above the horizon being generally further away than objects closer to the horizon.

But every once in a while, the moon looks absolutely huge and has a orange red color to it. Both the size and color diminish as it moves further above the horizon. This does not seem to fit in with the regular perceived size changes that I already mentioned.

So what is the name of this giant orange red effect and what causes it?