OD flashing is transmission problems.
The 95 4.0L has the 4r44e and 4405 T-case (if 4wd)
The 95 is the red headed problem child as it is the 1st year of the 2nd gens. It is a mix of both OBDI & OBDII. It is a OBDI.5. Confused yet?
For the most part the engine is OBDI, and the trans is OBDII. To read this trans, ypu might need a special trans code reader. This needs hooked to the trans itself, as the ECM Port under the hood is OBDI, and the ECM is a 60 pin. The OBDII ECM is 120 pin.
The engine harness connectors are all 2 pin, unlike the OBDII which are all 3 pin connectors. Still confused?
I can tell you from experience that with the flashing OD light, the trans is now in safe mode. The ECM throws it into this mode to help protect it, and to give you time to get it serviced. The shifting is harder, and normal operating is changed. After so many miles, it will shut down altogether.
This happens mostly when the trans gets too hot. Low fluids, something clogged, etc... can cause low hydro pressure, which is how this trans operates. A common issue is the solenoids have gone bad, causing shift problems. Another is the clutches have gone bad, or a drum band has stretched or the clip on it has cracked or broken off. Some of these can be found with codes, others need a physical inspection with the pan removed, or the trans itself torn down.
A rebuilt trans can cost upwards of over $2k depending on the shop/parts needed. Finding out what the problem is half the battle, and once found out, you can decide a course of action to repair.
You can get the light to stop flashing and kick the trans out of safe mode, by disconnecting the battery, letting it sit for about 10-15 mins to drain the modules memory, reconnect the battery and start it. If the light is off, but returns soon, it's time to get it diagnosed with a pressure test, and the codes read.
At the very least, check the fluid levels. It might have got hot under low pressure from low fluids. The longer this runs hot, the more damages is done to the trans, and leads to a rebuild.
Hope this helps some.
