A flashing red light at a railroad crossing means:

Stop, then proceed with caution only after all signals are completed and no trains are approaching the crossing.
Cross the tracks with great caution, then stop.
Slow down and cross the tracks with caution.
You have the right-of-way.
Explanation

When approaching a railroad crossing, always slow down and check for warning signals. You may encounter a flashing red light alongside the crossbuck sign. Always stop when the lights begin to flash - do not attempt to cross the tracks. Wait patiently until the lights stop flashing, as they indicate that a train is nearby. Proceed with caution only after the flashing lights have ceased and there is no sign of an approaching train.

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