The CEL is only turned on in extreme cases, like the speed signal is gone or the selector indicator is haywire. A Volvo scan tool can check for any pending TCU codes.
Your arrow, not flashing, is a warning that it is not in drive mode. It could be software related, if the software has not been updated to factory specs. Usually, overheated ATF is the reason for the random arrow.
The tranny cooler imbedded in the radiator is a blessing and a curse. It helps the ATF get warm after a cold start, but it also does not cool it much below the antifreeze temperature. I would have liked to see Volvo incorporate an additional cooler line that is thermostat controlled and forward of the radiator.
Klaus
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My name is Klaus and I am a V♂lv♂holic
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