I have a flashing orange arrow on my gauges, what does this mean

Sorry but we do not have this model in the USA. Have you asked the local dealer about the light. Also you can try eBay for a used owner's manual, they are cheap on the site.

Either means it's in winter mode or has a faulty transmission. From your description I'd say your transmission is on its way out.

when the blue light is on its telling you that the engine is COLD and not to use full power.the other warning light is telling you that you should check the water system for fluid/levels/airlock.

it means put it in overdrive or there is a transmission fault

have the same problem with our 2001 s40 and stumbled onto a site like this with a couple answers.
1 your transmission could be going, however that is the extreme.
2 ours accelerates very slow when the light is flashing which means the winter traction is engaged even though we have not pushed button. to reset this you can turn your car off (key all the way back) and on 5 times consecutively and it resets itself most of the time.
3 sorry to type this, but just make sure you did not push the "w" button on the shifter area platform
hope this helps

If your talking about the orange arrow, it's the Overdrive indicator light. Try pushing the O/D button on your gear shifter to see if it gose out

This is the indicator for ESP (stability control). If you look on your dash, you'll see a button with, you guessed it, ESP written on it. This allows you to turn your stability control on and off. If your light is on constantly, try pushing the ESP button. If it flashes on and off (ie during hard driving) this simply means it is working.

Means the overdrive is disengaged. There should be a button on the side of the shifter. If pressing this does not engage the OD, then you may need to replace the OD solenoid.

1998 volvo s40 right hand drive: there is an orange triangle light with green in the center and an upside "y" in the center of the two. It is between the "up orange arrow" and "a an orange car with an X on it" the light comes and stays on. Dont know what it means. can you help. Thanks

If an orange arrow is blinking that means that there is a problem with your transmission i have the same problem with mine. Bring it too a mechanic there is a relay switch on the transmission they have to replace it cost about 150$$. Have you had any problems with the transmission before?