If there is only one solenoid like factory original, the battery is on the left, the next terminal closes the relay (solenoid) the terminal you have marked supplies 12 volt to the distributor while cranking only, the terminal to the furthest right goes to the starter motor when the relay (solenoid) is closed. The terminal you have marked in red should not be hot all the time! it should only be hot when cranking!

But, is there only one solenoid like from the factory? Or have I "mentally" added one to many??