95 explorer od light flashing and tranny slipping

i have a 95 explorer 210,000 miles. xlt 4.0 v6 4x4 recently i have had transmission problems od light is flashing.the following happens every time i take the truck to work in the morning after its been shut off for at least 12 hours. when i drive it it runs fine at first untill i have been driving for 30-40 min then the speedometer starts spazing out and varys 5-10 miles an hour even though i am maintaining a constent speed eventually about 45- 60 mins in to my trip the speedometer completly dies and stays at 0mph and after driving over an hour the tranny stats slipping and banging into gear when i slow down. once it cools down again it runns fine then the same routine. i went to check the codes today and i got code 539 and 542 with the engine off and i get code 538 with the engine running. none of these codes have anything to do with the transmission though.

Hows the fluid level? Has it ever been flushed? What kind of fluid is in it? Does it have a transmission cooler? Filter ever been changed?

You cant ask for much more than 200,000 out of a stock tranny.

Welcome to this forum! Check the VSS, and the wiring inside of the steering column for shorts. Does this problem happen when the column is tilted or does it go away when it's tilted?

update

i just figured out i wasent using my scan tool right there were more codes on the tool i get the folowing codes 452 vss fault code code 647 and code 648
anybody got any ideas

Depending on your code reader it may not be picking up the transmission codes. I had to take mine to a transmission shop to have the codes read.

According to those codes, you either have misadjusted bands or broken bands, and a possible VSS issue.