If it is flashing, then your vehicle is still in 4 wheel drive. It will drive just fine, the only thing you will notice, is on pavement turning the wheel at slow speeds it will feel like its lobbing in the front end, this is because the front wheels are turning. Bring to Mitsubishi garage and they can tell you if the indicator switch is bad ot an indicator switch.
It is flashing because the automatic transmission control unit has detected a problem. Seek professional help immediately.
If its an automatic then your either in winter or a low gear(not flashing) or transmission fault(flashing arrow) But if its manual the non flashing arrow is the recommended time to up shift.
If you didn't use dexron III transmission fluid, this may indicate the reason for the flashing light. Another reason is either too much or too little fluid. My best advice is to take the car to a transmission specialist. Really, changing the transmission fluid in a Daewoo is not something that should be attempted by anyone but a specialist.
This light warns that transmission oil temperature on an automatic transmission is too high. If the light is flashing it indicates that the transmission control system is not working properly.
If the light is on ( not flashing ) that means that the overdrive has been switched off ( the 4th gear of your automatic transmission )
A flashing transmission warning light can indicate a number of transmission problems. The most common problem is low transmission fluid.
A flashing D symbol o the dashboard referencing the transmission computer. Something is malfunction on the transmission and needs to be checked.
because
When the overdrive off light flashes a malfunction has been detected in the operation of the automatic transmission code P0745 - pressure control solenoid " A " malfunction
It means the fuel is low. No it doesn't! It means that there a Fault with the automatic transmission. As it says in the manual, when this F appears it indicates a serious problem with the automatic transmission electronics and you should get it seen to asap. THIS means there is a fault and in 9 out of 10 cases it is a faulty crank shaft sensor as i have just replaced one the cost is about £9 and a easy fix it is located next to the oil sump
It is important to know why flashing lights come on in a vehicle. When a transmission light comes on it can mean that there the fluid is low, or that there are other issues.
The OD light flashing is an indicator of an electrical failure in the transmission. Get it fixed now or replace the tranny later.