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I am so confused by this problem. I have a 98 Exploder with only 66k miles and mine just started same flashing O/D light problem.
There appears to be nothing wrong with my tranny - it shifts fine, sounds fine. Some times I can drive 200 miles without it flashing, another time I can't even get out of the garage without it going off!!
I would definitely be interested in a lawsuit to fix this garbage engineering!!
I have loved all my Fords up till now!! I may never buy another.
I hope someone with influence from Ford sees this and acts on it!!
Try disconnecting the battery for 5 minutes, this will reset the code and should cause the light to go out. If it comes back on, you should get it checked out.
So befor I spent 2500 on new tranny, I changed tranny fluid and filter. two days later, light went out and has not returned!! (Bulb still works 'cause O/D shift li9ghts it up) - Wow that was strange - My fingers are crossed.
I've had my O/D light come on a few times in the years that I've owned my '95. I disconnect the battery for a few minutes and it's fine. It will go months before it will come on again. Changing fluid and filter yearly is good preventive maintenance. Tranny cooler, if you don't already have one, is also good advice.
According to Ford, the O/D flashing light is to the tranny as the Check engine light is to the engine. They use a flashing OD indicator to represent a problem with the tranny. COuld be anything transmission related.
Thanx LA City Fire - My prev car had check engine light on - was simple gas cap was loose - !! Once again my fingers are crossed for my tranny, a month later, np slippage, no flashing light...PRM