Hello,
First depending on which MODE you are in ( naza or phantom ) the light sequences are different, but in phantom mode, slow yellow is 5 or less sats established ( no home point or gps position lock ), green is 6 or more sats, with home lock, and gps position lock. ( for autopilot features ( stabilization, and position hold, those kinds of things. )
Ok
Red fast blinks ( usually mean ) critically low battery warning.
Now red flash accompanied by a bunch of super annoying beeps, usually means internal error , ( something to do with flight controller , or camera, or firmware, something like that. ) just letting you know there is an equipment or firmware error of some kind causing the craft to not boot up correctly.
So
If you have a second battery, I'd give that a shot, as these batteries, when a bad cell appears, can go from 100% charge (4 green bars on battery) to 7% critically low in a matter of seconds or minutes, causing auto land, or Rth to initiate. And can be scary if you are way up, or way out, control can get very limited when either of these things happen. ( the craft is trying to do what it was designed to do ( come home ), but you are trying to keep it out of the lake ( so the tug of war starts )) lol
Lastly,
Another possibility can be you TX has some how come out of sync to your bird ( or bad receiver? Or going bad receiver? )
If the battery thing does not work ( also if you do not have a spare batt, try to run your battery COMPLETELY DEAD, ( at this point your battery will shut down at 8% ( will tell you 0% ) but that is not true, these batteries are designed to auto shut down at 8% as not to damage the cells ( research lipo batts ) for a more thourough explanation. Or this post will get very long!
Anyhow
At this point completely charge to 100% ( this is cycling the battery ) and should be done after every 20 flights ( as per DJI instructions ) I do mine more often than that.
This MIGHT refresh your battery?
And try again. If still no
( and you believe your battery is good )
Then hook
TX to RC ASSISTANT, via USB to laptop, ( older Tx have an INTERNAL USB PORT, and you have to remove the back to access it ( 4 screws ))
Do a COMPLETE calibration, every switch, every stick, and dial wheel ( if avail ? ). Once this is complete,
Unhook Tx and turn off ( or close ) RC assistant.
Now hook phantom to laptop via USB, and open PC ASSISTANT, find the Rc tab ( if I remember correctly under basic tab? ) do another COMPLETE TX calibration here ( again all switches ( toggles ) sticks, and dial wheel ( if avail ).
( calibrating Tx in RC ASSISTANT, calibrates the Tx back to factory fresh, everything zeroed out, and calibrating Tx through PC ASSISTANT, calibrates your Tx to your Phantom, so they work together correctly. )
And while you are in Pc assistant, I recommend ( an advanced IMU calibration, then unhook from Pc, and take her out for a fresh COMPASS CALIBRATION as well. This should bring everything back to the way it was when it was bought off the shelf.
( ALSO WHILE IN PC ASSISTANT CHECK YOUR BATTERY CELL LEVELS! All should be close to one another if any are off by a very large margin, you battery is bad. As the low cell will confuse battery circuitry and will read 100% when in reality you are only 7%. Again all covered in LIPO BATTERY research mentioned earlier.
( also while you are calibrating, keep a close eye on your movement bars in assistant, make sure they go FULLY from left to right and smoothly ( in other words not jumping around or jittery, and also that they zero out, when sticks are let go things of that nature, if anything is weird than you might have a potentiometer failing in the Tx ( each stick movement has one, and if any go bad, can cause a false signal to be sent to
The craft.
Ok and lastly ( for real this time )

If all this fails, I'd look into the receiver, or try relieving the Tx
( turn bird on and NOT TX, you will get fast yellow lights, press the red button and hold ( located on bird belly ) hold until it turns YELLOW, then turn on Tx. This will link them!
Keep us updated
J Dot
I know this might be way more info than you might need, but maybe this can also help others in the future. Sorry for long read otherwise! I hope this helps!