The hold light is a warning indicator. Essentially, the flashing indicates that there is an electrical problem with the transmission.
Have a similar problem with my forester 1999.
I have a 1994 Chevy Cavalier and the ABS light is flashing
its flashing to let you know a door is open
A problem with the emissions system.
Change your alternator
A mechanic advised me that it meant the speed sensor needed replacement, not verified.
Problem in the air bag system, its probably flashing a code that will give you direction as to whats wrong. I had a 91 flashing code 4, I put in 5 used air bag modules all flashed a different code, bought a new one from Mazda cured the problem. Just replace the module no matter what the code blinks are, the modules go bad fast, sensors almost never go bad.
Yes the 1994 Mazda Protege is a OBD 1 port
How do i change my 1994 mazda 626 alternater
where is the modulator vavle on my 1994 Mazda protege dx?
I need installation instruction for a 1994 Mazda Navajo
Pictures for free of the rear brakes on a 1994 Mazda B3000 can be found by visiting a Mazda dealer.