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The Red Gyarados is unique among shiny Pokemon as it actually first appears as a part of an event. Players first encounter the Gyarados at Lake Rage and have a chance to catch it before engaging Team Rocket.
Yes, the "Red Gyarados" is actually just a shiny Gyarados.
The red Gyarados is simply a shiny Gyarados. This means the red Gyarados is not any stronger or weaker than other Gyarados. Gyarados in general is considered to be a very powerful Pokemon for how easy it is to get.
No, Gyarados and red Gyarados are basically the same having only one key difference; red Gyarados is a "shiny" Pokemon which changes its color and makes it rare to find in normal gameplay.
Red Gyarados is captured by using a Pokeball. In combat with Red Gyarados, a player can weaken the Pokemon and then use a Pokeball to capture it.