I've had a coolant light come on my W210 and many others, Oil Light. If the fluid was low, it'd most likely go into limp mode to preserve the transmission.

Power steering? No that is not one that is displayed nor have I ever seen it.

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Only diesels in this driveway.
2005 E320 CDI 243k Black/Black
2008 Chevy 3500HD Duramax 340k
2004 Chevy 2500HD Duramax 220k