The icon of the transmission is lighting red - 2004 BMW 5 Series

The light should be an icon. Check your owners manual for this icon

I dont think they both use the same waring light, check the switch on the handbrake, and make sure its connecting and turning off correctly, could be a bent or broken bracket.

found this, hope it helps!
X-Type Fuse/Relay identification





Engine compartment fuse box - fuses
Fuse Fuse Rating Colour Circuit

No. Type (amps)

F1 Cartridge 20 Blue Dip beam, High Intensity Discharge (HID) light relay.
F2 Cartridge 50 Red Ignition relay feed.
F3 Cartridge 60 Yellow ABS.
F4 Cartridge 30 Pink Rear window heater/heated mirrors relay.
F5 Cartridge 30 Pink Automatic transmission control module relay.
F6 Cartridge 30 Pink Heater blower relay.
F7 Cartridge 50 Red Power supply to passenger compartment fuse box.
F8 Cartridge 80 Black Blower module.
F9 Cartridge 50 Red Engine management system power relay.
F10 Cartridge 20 Blue Headlight power wash pump relay.
F11 Mini Not used.
F12 Mini Not used.
F13 Mini 30 Green Heated front screen right-hand side.
F14 Mini Not used.
F15 Mini 30 Green Heated front screen left-hand side.
F16 Mini 20 Yellow Left-hand dip beam, day time running lights, autolights.
F17 Mini 20 Yellow Right-hand dip beam, HID lights.
F18 Mini 20 Yellow Throttle motor supply.
F19 Mini 15 Blue Screenwash pump, rain sensing system.
F20 Mini 5 Tan Navigation display.
F21 Mini 15 Blue Side (Parking) lights.
F22 Mini 20 Yellow Accessories relay.
F23 Mini 10 Red Air conditioning compressor clutch.
F24 Mini 15 Blue Door lock power.
F25 Mini 15 Blue Direction indicators (GEM).
F26 Mini 15 Blue Horns.
F27 Mini 10 Red Automatic transmission control module, transit relay.
F28 Mini 15 Blue Ignition switch.
F29 Mini 30 Green Starter motor solenoid.
F30 Mini 30 Green Accessory sockets.
F31 Mini 10 Red Engine management relay coil.
F32 Mini 5 Tan Engine management control.
F33 Not used.
F34 Diode D3 Not used.
F35 Diode D2 Engine management control relay diode.
F36 Mini 10 Red Canister purge valve, airflow meter, throttle motor relay, power wash relay, air conditioning relay.
F37 Mini 15 Blue Engine management system, blower speed controller, road speed sensor (if fitted).
F38 Mini 30 Green Oxygen sensor heaters A.
F39 Mini 5 Tan Variable intake valves.
F40 Mini 15 Blue Automatic transmission control module.
F41 Mini 10 Red Injectors.
F42 Mini 30 Green Oxygen sensor heaters B.


Passenger compartment fuse box - fuses
Fuse Fuse Rating Colour Circuit

No. Type (amps)

F60 Mini 20 Yellow Power windows left-hand.
F61 Mini 20 Yellow Power windows right-hand.
F62 Mini 7.5 Brown Rear fog lights.
F63 Mini 7.5 Brown Right-hand - front side light, side markers, rear tail lights.
F64 Mini 7.5 Brown Left-hand - front side light, side markers, rear tail lights.
F65 Mini Not used.
F66 Mini 30 Green Left-hand power seat switches, heater module, lumbar pump.
F67 Mini 5 Tan Battery back-up sounder, transit relay, HID/dip relay, automatic transmission control module.
F68 Mini 15 Blue Cigar lighter.
F69 Mini 7.5 Brown Telematics display, In-car entertainment head unit, antenna module, navigation module, VICS (Japan), parking aid, amplifier premium 1 system, phone handset, phone power supply module, instrument cluster, PATS module.
F70 Mini 30 Green Right-hand power seat switches, heater module, lumbar pump.
F71 Mini 15 Blue VICS (Japan), telephone transceiver, telephone handset.
F72 Mini 15 Blue Radio head unit, CD player, navigation electronic control module, Jaguar diagnostic connector/OBDII connector.
F73 Mini 15 Blue Sunroof unit/module.
F74 Mini 15 Blue Instrument cluster, Premium ICE amplifier unit.
F75 Mini 7.5 Brown Mirror fold back module, battery back-up sounder, air conditioning ECU.
F76 Mini Not used.
F77 Mini 7.5 Brown Left-hand and right-hand heated seats modules.
F78 Mini 5 Tan Phone power supply.
F79 Mini 10 Red Automatic transmission only: Reverse lights, reverse light switch, reverse park aid, electrochromic mirror, instrument cluster.
F80 Mini 7.5 Brown Park interlock, heater switch, OBDII, blower relay.
F81 Mini 20 Yellow Fuel pump control module.
F82 Mini 10 Red Variable power steering, alternator.
Manual transmission only: Reverse lights, reverse light switch reverse park aid, electrochromic mirror, instrument cluster.
F83 Mini 15 Blue Not used.
F84 Mini 5 Tan Instrument cluster, passenger airbag fascia light, seat weight sensor.
F85 Mini 7.5 Brown Right-hand high beam light.
F86 Mini 7.5 Brown Left-hand high beam light.
F87 Mini 15 Blue Front fog lights, master light switch.
F88 Mini Not used.
F89 Mini Not used.
F90 Mini 7.5 Brown Stop lights, cruise control.
F91 Mini 10 Red Sunroof, electrochromic mirror, power windows, power mirrors.
F92 Mini 10 Red Manual transmission cruise control clutch switch, ignition coils, automatic transmission rotary switch.
F93 Mini 30 Green Windscreen wipers.
F94 Mini 20 Yellow HID module.
F95 Mini 10 Red Airbag restraints module.
F96 Mini 7.5 Brown ABS module.
F97 Mini 7.5 Brown Glove compartment light, instrument cluster lights, licence plate lights.
F98 Mini 10 Red Mirror heaters.
F99 Mini 10 Red Luggage compartment light, footwell lights, puddle lights, vanity mirror lights, interior lights, aircon control unit, roof console unit.__________________
02 X-type 3.0l
04 S-type 3.0l
07 X-type 3.0l

Could be either or, or it could be neither. Is the "red light" a transmission temperature warning light? If so, the fluid is over heating and the heat sensor is turning the light on...Check fluid level and the condition of your fluid...if it's off colored and smells burnt, you better have it flushed, refilled and a new filter installed. Heat will kill a transmission faster than anything.
Check the transmission cooler, most montero's had a cooler installed on the front of the vehicle by the radiator...the cooling fins need to be clean, no bugs or debris so air flows through it. Have your vehicle scanned also, if you had a transmission code the computers memory will probably still have it stored, this will be helpful with further diagnosis.

Cavity Fuse Description
1) 15 Amp Blue Horn Relay, Power Sunroof
Relay, Power Window Relay
2) 10 Amp Red Rear Fog Lights (Export Only)
3) 20 Amp Yellow Cigar Lighter
4) 10 Amp Red Headlight Low Beam Right
5) 10 Amp Red Headlight Low Beam Left
6) 20 Amp Yellow Body Control Module/Power Door Locks
7 )10 Amp Red Left Park Light/Left Tail Lamp/License Plate Lamp
8) Spare
9) 10 Amp Red Right Park Light/RightTail Lamp/License Plate Lamp/Cluster
10) Spare Cavity Fuse Description
11) 15 Amp Blue Flasher
12) 15 Amp Blue Stop Lights
13) 10 Amp Red Body Control Module/CMTC/Cluster/Pass. Airbag On,Off Indicator, Auto Daylight
Mirror/Light Bar Switch (Renegade Only)
14) 10 Amp Red PDC Fuel Pump/AC Clutch,
Starter Relay/Engine
Controller/Transmission
Controller (Diesel Only)
15) Spare
16) 20 Amp Yellow Power Outlet (Rear)
17) 15 Amp Blue Rear Wiper
18) 20 Amp Yellow Radio Choke & Relay
Cavity Fuse Description
19 20 Amp Yellow
Frt Fog Lights/Trailer Tow
Stop and Turn Lights
20 Spare
21 10 Amp Red Radio
22 20 Amp Yellow
Power Sunroof Relay/
Antenna Module (Export
Only)
23 Spare
24 10 Amp Red PDC Blower Motor
25 10 Amp Red Heated Seat Switches/HVAC
Control Head/Trailer Tow
Battery Charge
26 10 Amp Red Headlight High Beam Right
27 10 Amp Red Headlight High Beam Left
28 Spare
29 10 Amp Red Heated Mirrors/Rear Window
Defroster Indicator
Cavity Fuse Description
30 15 Amp Blue Heated Seat Module
31 Spare
32 10 Amp Red Wiper Switch/Front and
Rear Wipers
33 10 Amp Red SKIM Module/Data Link
Connector
34 15 Amp Blue Body Control Module/
Cluster/Interior Lights,
Hands Free Module/Radio/
CMTC/ITM Module & Siren
(Export Only)
35 Spare
36 10 Amp Red Airbag Control Module/
Occupation Classification
Module (Right Front Seat)
37 10 Amp Red Airbag Control Module
38 10 Amp Red ABS Controller/Shifter Assembly
39 10 Amp Red Hazard Flasher (Turn
Signals)/Backup Lamp
Switch (Manual Transmission
Only)/Transmission Range
Switch (Automatic Transmis

ok if it is indeed a transmission light...does your car drive funny in any way? since it came on? anything at all? some ford transmissions are know to have a falty transmission fluid level sensor. or your transmission is indeed low on transmission fluid. If you know where the transmission dip stick is pull it out with the engine on, wipe off and put it back in, wait a second and pull it out again and compare the actuall fluid level to where it should be according to the dip stick... remember do this with the engine ON that's the most important part of checking trans fluid levels since they work by pressure. If its low and it looks RED ...the fluid is good just need to add some. if the fluid is dark color ( if it's not bright red like blood) then im afraid you might have to go to a transmission shop. NOW if it's red and low go to Auto Zone and have them check the "light" and have them help you find the proper fluid for your specific model and they should help you add the fluid too VERY VERY IMPORTANT to get the right kind of fluid. SECOND VERY IMPORTANT PART..IF your fluid level is GOOD, the color of the fluid is RED (real red like blood nothing else!!!!) no any OTHER SHADE OF RED...RED!!!! ok? and it doesn't drive funny at all keep driving it and just have auto zone check the light ..just to see what its saying that is wrong. dont drive on low fluid.... just straight to autozone or you can damage your transmission.

TRANSMISSION SLIPPING CHECK TRANSMISSION FLUID LEVEL.IF FLUID LEVEL IS OKAY.YOU HAVE 30000 TO 60000 MILES ON VECHICLE YOUR TRANSMISSION FLUID + FILTER CHANGE IS DUE.IF FLUID CHANGE DONT HELP YOU HAVE FAULTY 1 - 2 SHIFT SOLENOID AND TORQUE CONVERTER SOLENOID.YOU COULD HAVE FAULTY TRANSMISSION OIL PUMP AND BROKEN DRIVE CHAIN.

If you toild what it looked like, that would help. Red lights usually mean turn the engine off, or stop right now. http://www.google.com/imgres?imgurl=http://www.aa1car.com/library/warning_lights_lexus.jpg&imgrefurl=http://www.aa1car.com/library/warning_lights.htm&h=1046&w=747&sz=94&tbnid=D6ymO3RkHtDCIM:&tbnh=150&tbnw=107&prev=/images%3Fq%3Ddash%2Bwarning%2Blights&hl=en&usg=__RMw6GXXqU9WlScZvQBFJsl-AgPQ=&ei=-IEMS-_0Gt7k8AbShcG2BA&sa=X&oi=image_result&resnum=1&ct=image&ved=0CA0Q9QEwAA

Pull up the error codes.

one of the best ways to tell what is what is to open the one that you want to add first and smell it...then remove the cap of the one you think it is and smell that ...