Bacterial Conjunctivitis Home Treatment Your question is very confusing - what exactly do you mean by "cold has settled in eye" ? The only thing that is clear is that you are experiencing pain; apart from this it is not clear what you are suffering from and what your symptoms are, so the following suggestions are only tentative, and it will be best if you visit your doctor. If your eye is swollen and red and is watering through the day, the most likely cause is conjunctivitis, which is also known as pink eye...