I have had my right leg sprained a month ago and now iam able to walk but i still got a bump on outer angle l ankle. if i walk it is getting more red?

Residual swelling: Sometimes because of the soft tissue trauma there is residual swelling left over (the damaged tissues separate easier & retain fluid).Thus you may require additional wrapping &/or leg elevation for resolution of this edema. I would recommend you see a Podiatrist or Sports Medicine MD.They may recommend additional Physical Therapy for ankle proprioception exercising & edema massage. Keep us posted.

Best treated by exam: If the area is giving you trouble, it is best evaluated by physical exam. I suggest you have it evaluated by a specialist.