According to the 2001 Ford Ranger Owner Guide :
Motorcraft MERCON-V automatic Transmission Fluid
( see if the type used is engraved in the dipstick to confirm )
In a 2001 Ford Ranger the automatic transmission fluid requirements will be indicated on the automatic transmission fluid dipstick or the handle ( Motorcraft MERCON - V according to the Owner Guide )
According to the 2001 Ford Ranger Owner Guide : Motorcraft MERCON automatic transmission fluid is used in the 5 speed manual transmission
Motorcraft MERCON automatic transmission fluid for the 5 speed manual - YES ATF ! Motorcraft MERCON V - ATF for all the automatic transmissions in a 2001 Ford Ranger
Motorcraft MERCON automatic transmission fluid is used in a 2001 Ford Ranger 5 speed manual transmission ( yes - ATF )
Sounds like the transmission
An automatic transmission on Ford Ranger holds three quarts of transmission fluid. That is after you drain all the old transmission fluid out.
Motorcraft MERCON automatic transmission fluid is used in the power steering in a 2001 Ford Ranger
I'm not a mechanic / technician but the automatic transmissions on a 2001 Ford Ranger would be electronically controlled , so there wouldn't be a modulator valve
That would be a version of the A4LD automatic transmission
Motorcraft MERCON ATF ( automatic transmission fluid )
For a 1994 Ford Ranger, the manufacturer's recommendation is DEXRON-MERCON automatic transmission fluid.
Remove the Ford Ranger automatic transmission drain plug. The drain plug is in the bottom of the transmission. Allow the oil to drain out and replace the plug. Fill the transmission with new transmission fluid.