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Q: check engine light is on steady, then flashes occasionally on 1999 Lexus RX300

recently had a timing valve replaced and 5 coils. Oil level got real low before it was fixed.
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the light idicates there is a problem and when it flashes that could be a misfire which can damage other parts,return to repair shop and have it checked very soon
the vvt solenoid, that is the timing valve you indicated, is common for sludging up from oil sludge.
the system needs to be flushed very well, replace the valve.
adding to the other answer, which I totally agree, the flashing is a missfire. get it checked soon before you damage the cat converter.

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