Why does my overdrive light flash while i drive. I have a 1999 Ford Explorer.

Have the codes read. Transmission problem. Could be solenoids.

91 Ranger - No OverDrive - Ford Truck Enthusiasts Forums

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Sounds like the transmission needs rebuilt

When the OD light flashes in this truck it means a malfunction has occurred in the transmission, it usually will be due to excessive slippage of the transmission based on the signal of the input and output shaft speed sensors. Here is what you need to do is have the Transmission Control Module tested for the fault code or codes that was stored when the light starting flashing, it is doubtful the valve body is the problem based on my 30 years as a Ford dealer technician.

USUALLY WHEN YOUR OVERDRIVE LAMP IS FLASHING THAT MEANS U HAVE A PROBLEM WITH THE TRANSMISSION. YOUR EXPLORER NEEDS TO BE SCANNED AND CHECKED FOR TROUBLE CODES

The overdrive light also serves as the "check engine" light but for the transmission. If its flashing it means the computer recognizes a problem with the transmission or its electronics. If the engine was just replaced, they probably forgot to plug something in, or some wiring got damaged in the engine swap. It can be scanned with a scan tool for a code and the code will indicate what circuit is at fault.

Change the overdrive switch,

the OD light flashing indicates that the transmission control module has observed a fault. Take the car to a local aftermarket parts place and get the codes pulled (typically free) this will send you in the right direction regarding a repair.

the OD light is flashing to let u know a fault has occurred in the transmission electronic controls or that it is slipping plus other issues, go to Kragen or Autozone and ask them to run a trouble code test, it is free, post the code back here for me to look at.

this could mean there is a problem with the transmission,but most times when OD light is flashing it is because the wiring to the OD switch is broken.
is the OD switch on the end of the gear shift lever ?
or does your vehicle have the shifter on console between seats ?