That small red wire is the key.
when you get the key into Position II, also known as "Bulb Check" position, or "Run" position, the warning lights should light - except any burnt bulbs.
Now, when you start the engine, ask yourself "why do the lights go out?"
The oil light lights by virtue of having the ground side be through the pressure sensor on the block. No pressure = light, and otherwise otherwise.
The others are not so simple. They are grounded through that small red wire.
Ground side from bulbs to gray connector on firewall - slot #3 for D+/61, red.
From that connector to the main harness to a branch harness that runs under the front of the engine. Look at the wires coming up between the alternator and the block. Fat red, thin red, and black.
Black is the oil pressure sensor. Fat red conducts heavy charging current from alternator to battery via the starter.
Thin red, when key is in "Bulb Test" position (engine not running) has a small voltage on it - what's left after coming through the warning lights.
That wire provides ground for those lights through the rotor wiring of the alternator. That small voltage provides initial excitation for the alternator, without it the alternator will not charge. When the alternator begins spinning and generating the ground is lost so the lights go out.
If that wire is open, no warning lights at all and no charging. If it is grounded some other way, the warning lights don't go out, and no charging.
If the wire is sometimes grounded, maybe due to being just a little messed up under the front of the engine, you get an intermittent problem.
The 1984 240s have the crumbling insulation problem, which includes ALL the wires from that gray connector. Replace and re-route. Red and black to run allong the right side fender and then with lots of slack to their destinations.
Check archives and/or FAQs for more details.
Good Luck,
Bob
:>)
PS: The other two wires are yellow to temp gauge sender, and BL-Y from key to starter solenoid.
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