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It should be on when your e-brake is on. It also indicates a problem with your brake system (I've seen it stay on when the power booster went bad, and it just always stays on until the problem is fixed).
It could be that switch on the ebrake is loose and making it flicker. Also, check the fuse. My dash lights where flicking because the fuse blew a enough to crack the filtament and when you hit a bump the lights would go on and off.
Basically its meant to signal that one of the componants in the brake system is faulty, i.e. air in the system, low brake fluid,brake booster leaking pressure.
Only the later trucks (84-up IIRC) have a switch on the e-brake. Before that, the only way the light can come on is if there's a loss of pressure. Also as a test of the system, when the key is turned to "start".
There's not an obvious fluid leak, both reservoirs are full, and the brakes work fine. The light will fade in and fade out, so it definately looks like it's pressure (or lack of) activated.
I think you're right plowpusher, it came on, I kicked the e-brake and it went off. I'm not using the e-brake these days as I'm not always guaranteed a complete release at the drums - Spring time job.
The brake light works with the e-brake after 83 I think.. If the light is on otherwise, that means that the proportion valve piston isn't centered.. ie your brakes have air in the lines or they are leaking..
Its supposed to work when your engine has past the 60,000 mile service mark and flashed so you can be a good Ford person and take your auto to the nearest FORD Dealership to have them charge you lots of your money to turn it off, by the way, its resettable under the dash with a small screwdriver with the key in the on position (oops, sorry about that slipup) There is the correct way of resetting it if it comes on, do a search for it here....some people have already discovered how to do it and explains it better than I just did...