Code p0733, flashing OD light?

This codes comes into play when the turbine shaft speed sensor is going out, here is the location so you can change it out and then clear the codes.

P0733 - Gear 3 Incorrect Ratio

Check out the images (below). Let us know what you find.

I get the part tomorrow, I'll let you know. Appreciate the response!

Give it a whirl, it should fix it. :)

Do I have to disconnect the battery, so the PCM can relearn the new ISS sensor?

Yes, it is a good idea to disconnect the battery, there should be no relearn for that sensor.

I bought a cheap sensor and I thought I noticed some improvements, but not sure. I ordered a more respected brand(Dorman), which arrives tomorrow, so hopefully I'll notice something/improvement. Appreciate how you take time out of your day to help me out with this issue.

np, we are glad to help. Good call on the name brand sensors, I can't tell you how many times cheap parts simply don't work.

Unfortunately, the part didn't pan out. It seemed like the car took less time to kick into gear. But when I took off and accelerated into 2nd gear, the car shudder or slightly jerked into 2nd. It's never done that before. It jerked into second every time I accelerated into second gear while on the test drive with the newer part. Also, when the car was heated up, during a stop, the car came out of gear like it was in neutral. I had to drop it into Low 1st gear to get it to engage and take off. Whenever I tried to park back in the garage, every time I went from reverse to first, first gear would disengage. One thing I never mentioned before, I serviced the tranny around 120K, drained fluid, replaced filter etc. I used Valvoline Maxlife ATF and I was wondering if this is my issue (although the website says it's compatible with M5ATF, they never factor in older vehicle conditions, only newer in my opinion)? I bought a bottle of Lubeguard Shudder fix, and it immediately drove like it did before my current issue, actually, even better. It lasted for several days then went into the situation I'm in now. Is it possible that I might have to put in OEM M-5(V) ATF fluid in the transmission and ditch the current Maxlife ATF? I just thought that the Lubeguard exposed more of a lubrication issue with my vehicle, then mechanical or electrical if anything? What's your thoughts? Any questions, thoughts or suggestions please feel free to ask Ken. I appreciate your time!

Have not registered an code yet, which is confusing aswell.

Yes, the incorrect fluid can cause problems, also, was the old fluid burnt? You may have a mechanical failure inside the transmission.

Here is the fluid it should take:

Mazda ATF M-V (Type M5) fluid

Let us know how it goes.

No. Fluid was never burnt. Always maintained. Owner's manual states M3 or Dexron 2. I also read in the manual that on this particular vehicle, when the O/D light flashes, it means there's an electrical problem.

Yes, the electrical problem is the

P0733 - Gear 3 Incorrect Ratio

Code but it can be caused by a mechanical failure inside the transmission like a broken band or clutch pack. The sensor was our best bet for fixing the problem.

Now the code went away on its own. Car is hit or miss as far as functionality.

Maybe it just needs to relearn which can be done by driving it for a few miles.

I didn't know this model year was capable of that process.

Yep, it is, that computer will make adjustments as it relearns. Let me know if all is good or not, have a good weekend.

Will do! Enjoy yours aswell!