Read the Owners Manual and all will be revealed.
If you don’t have one… get a PDF here…https://www.bmwusa.com/owners-manuals.html
I’d guess it it telling you your brake pads are worn to the limit.
@Mustangman Ohhh okay Thanks I do not have the owners manual and I appreciate that pdf file !!!
Brake pads are worn.
Yellow is low fluid, red is brake pads worn👍