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Best bet would be to pull the codes and see where it leads.
That said, I have seen when the range selector is sloppy or out of adjustment, that it can cause fault due to it thinking it's in gear electrically, but mechanically it is not.
2. Diagnostic Tools Required: OBD-II On-Board Diagnostics, Phase 2 Vehicle Media Communications Unit (Scanner) / Pressure Gauge, Line, and Fitting / DVOM
3. A Flashing TCIL is an indication the Transmissions electronic circuit has identified an anomaly in its operation.
4. It will be necessary to read the Diagnostic Trouble Codes to identify the specific code(s) which have been stored to assist in diagnosing
the trouble (P-102 - P1783 Fault Code Identification Chart).
5. Testing:
a. DTC Fault Code Retrieval
b. Circuit Monitoring
c. Circuit Integrity
d. Pump Pressure
*** Driving the vehicle may cause damage.
echo=off
It only flashes when you are in park? MMmmmmm.....
If the truck is in drive and you press the OD off button, does the indicator light? You may have two problems, the mystery code that set the light to blink, and a chaffed wire on top of your steering column that is shorting to ground when you gear selector is in anything but park.