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The exclamation mark inside a circle that looks something like a gear means you're having or are about to have an issue with your transaxle. I recommend you get your car to a transmission repair shop before the damage is too serious.
It means get your car to a mechanic or an auotozone that can plug it in to a diagnostic computer and tell you what is wrong with it. I believe autozone does it for free.
First off you need an owner's manual. You can get a free one here.
http://pdfservicemanual.com/automotive/2001-ford-taurus-owners-manual
The light that looks like a gear with an exclamation point inside indicates there is a problem with the transmission. May just be low of transmission fluid. To check the level dive the car until the transmission is warm, park on a level surface, place gear shift in park with engine running, and check transmission fluid level. Add only if necessary and do not overfill. If it is not low of fluid then seek professional help. The exclamation point in a circle under the fuel gauge next to the Brake light indicates you are low of brake fluid. Check the level of the brake fluid. If it is low you more than likely need to check your brake pads as they are worn out.
In most common cases, it's a handbrake signal, so make sure your handbrake or parking brake isn't slightly on, even if you can't hear it those sensors are on a hairline trigger. if that's not it look in your owner's manual.
Check Transaxle
Momentarily illuminates when the ignition is turned to the ON position. Illumination of this light indicates that a problem has been detected and shifting may be restricted. If this lamp remains on, have your vehicle serviced immediately.
Check Transmission indicator. It means that PCM has detected a problem in the transmission, It should have a trouble code stored in memory now that can be retrieved with a scan tool.
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