I have a 2007 Ford F150 4.2 L
Transmission was rebuilt approx 5-6 years ago. They did a great job of rebuidling it. I have had no issues till now. I bought the truck in 07 with 3,000 miles on it. It now has 252,000 miles. Yesterday As I started to take off from a stop the engine just reaved and then it kicked into gear and it continued to do so as I traveled approx 5 miles to my destination. After getting past 2nd gear though the transmission operated as it is suppose to.. Later in the day while traveling home from work inside the odomoter box it read Transmission fault and then to left where the check engine light appears it blinked O/D off. I then pressed the O/D button on the shifter but it still blinked O/D off. After finally shifting into gear once again, the Transmission fault went away and the the miles appereard to show again in the odomoter box as it always is. Made it back home fine but I did detour onto a freeway where I didn't have many stop and goes. Today I read through my manuel and I noticed it said if fluid is topped off to much it can create these type of issues. So I contacted the place I take it for the oil changes and asked what all is included in their oil changes. I then learned that topping off transmission fluid is their standard procedure however they said it didn't show in their system that it had been done. I deceided to take it to them cause the manager offered if I brought it up their he would check the level for me and as I was leaving my driveway the transmission fault in the Odometer box appeared again along with the blinking O/D off and the truck still was sluggish when taking off and kicking into gear. So I took it to them and the manager checked the fluid level and it did have to much (1 Qt) so they toke some out to bring it to the level that it is suppose to have. Once I left their shop I drove it around about 5 miles through our neighborhood where there were lots of stop and go's. it started to work much better. Shifting was good but not perfect but 90% better than it was the day before and on the way to the shop. I then parked it and went to do some work in my new truck. A few hours later I got back home and figured I would take the Ford back out for a test drive and boom it was rite back to the condition it was the day before and before taking it to the shop. Keep in mind through all this the check engine light has never appeared on. My neigbor told me he had the device that can run codes so we did. This is what we got. P0722 Output shaft speed sensor circuit no signal and
P0731 Gear 1 Incorrect ratio.
If anyone has had a simular situation or may know what the cause could be and what I could possibly do to correct it. Thank you for your time and input. Sorry for the long post.

 

Trans codes don't always turn on the check engine lite. The blinking OD lite is the signal something is faulty involving the trans.
Since you have the code for no signal from the speed sensor, that needs to be checked for function of that sensor and it's wiring. Replacing the sensor may be required, but it should be checked before just replacing it.

 

Thanks Hanky! I'll let you know how everything goes after checking have a good day!