Merc steady alarm condition

[Wildgoose]

-I've got a 96 Merc 115 ELPTO 2 stroke, mine since new. Never a hitch.
Yesterday up on plane steady alarm sounds. Shut down and check oil (3/4 full) temp and water pee pipe ok ( can touch engine). I plug in the kicker mix gas to cautiously get to the trailer. Cool motor and still alarm sounds if key is just on , not even running.
If I understand, some sensor has grounded. I read that some Mercs have magnets that can fall off in the remote oil res, float system. Does this models module make an intermitten beep for oil and steady for temp? Ive never heard either. This is steady. Is there an oil flow sensor and level sensor? Also I think I see a small oil filter behind the res. Does it need changing or could a screen gum up. I always use Quicksilver oil. How would you begin to isolate the fault.
Anybody have any thoughts? I'll be away from here for a week and would sure like to chase some Steel and Kings when I get back.

Thanks, John
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[MattPark]

Steady alarm is overheating (or at least the sensor thinks so).

[Billsarima]

Check your oil sensor by unplugging one of the wires. If the alarm goes off its either your oil sensor or your float in the tank. Mercs are known for the floats going bad in the tank. I just got done replacing my oil sensor and I replaced the oil tank as the float went bad in mine. My motor acted just like yours is.

[lostbackpacker]

had the oil sensor in the resevoir go bad in my 135 optimax. put a jumper wire between the connectors to shut it up. got new sensor and all is fine

[Wildgoose]

Thanks guys. This jives with the boat doc's suggestions. Just got home and will dig in tomorrow.

[Wildgoose]

ttt

[MattPark]

Is it a steady tone or a steady beep?